Illinois will disclose more details about its underfunded pensions systems following an agreement with the Securities and Exchanges Commission.
The SEC investigated the state’s practices and found investors were misled when Illinois sold bonds between 2005 and the start of 2009.
Illinois House Republican Leader Tom Cross said the situation gets to the heart of why the state needs to overhaul its pension systems, which are underfunded by about $100 billion.
“It highlights the need once again to make sure that we have an accurate picture of our pension problem, making sure that we correct it and find a way to solve our problem in a comprehensive and substantive manner," Cross said.
Governor Pat Quinn's administration said Illinois did not admit to wrongdoing in the settlement. But the state has agreed to disclose more information, and Illinois has hired a law firm to review its disclosure practices.