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Pension accounts don't need to sell assets in 2013

Published: Thursday, Dec. 19, 2013 2:30 p.m. CST

SPRINGFIELD (AP) — Officials say sufficient state funding the last two years means key state-employee pension funds didn't have to sell assets to meet payments.

The State Retirement Systems covers pensions for ex-state employees, judges and lawmakers. A report Thursday by Auditor General William Holland says SRS withdrew $30 million in the 2013 fiscal year — down from nearly $250 million the year before.

William Atwood heads the Illinois State Board of Investment, which manages the SRS portfolios.

He says the large withdrawal in 2012 was because of state underfunding in 2011.

It required selling assets — such as stocks and bonds. That left less money to earn interest — more for taxpayers to pick up.

Gov. Pat Quinn and lawmakers have provided legally required payments to five state pension systems since.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
 

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