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The State of Illinois Pensions

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Pension costs are not just an issue for municipalities like Crestwood to address. Yesterday, Illinois State Treasurer Alexi Giannoulias proposed reforms to the governance of state pension funds. The idea is to merge several separate funds—for downstate teachers, state employees, and university workers. Giannoulias says the streamlining will save money
and increase transparency and ethics requirements.

GIANNOULIAS: I think what has gone on with some of the scandal and corruption in Springfield this is the ideal time to pass this legislation.

We now return to Civic Federation President Laurence Msall who commented on pensions in the earlier report. Msall says this reform is good but the problems with pensions in the state run far deeper. He joins us to explain.

Music Button: Victor Wooton, "Left Right & Center", from the CD Palmystery, (Heads Up records)

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