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92_HR0933
LRB9216690LDcs
1 HOUSE RESOLUTION
2 WHEREAS, In the wake of the collapse of Enron Corporation
3 and its affiliated 401(k) retirement savings plans, members
4 of Illinois pension funds are concerned about the fiscal
5 health of their pension funds and about whether those funds
6 are being adequately protected; and
7 WHEREAS, The protection of Illinois pension funds is in
8 the best interest of Illinois citizens; therefore, be it
9 RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE NINETY-
10 SECOND GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that there
11 is created the Pension Rights Committee consisting of 13
12 members appointed as follows: one member of the House of
13 Representatives appointed by the Speaker of the House of
14 Representatives, one member of the House of Representatives
15 appointed by the Minority Leader of the House of
16 Representatives, one member of the Senate appointed by the
17 President of the Senate, one member of the Senate appointed
18 by the Minority Leader of the Senate, one person designated
19 by the American Association of Retired Persons, one person
20 designated by the State Employees' Retirement System of
21 Illinois, one person chosen by the Governor from the employer
22 community, one person chosen by the Governor from the
23 investment banker community, one person chosen by the
24 Governor who is a member of a police union, one person chosen
25 by the Governor who is a firefighter or emergency medical
26 technician, one person chosen by the Governor who is a member
27 of a teachers' union, and one person chosen by the Governor
28 who is a school superintendent, all of whom shall serve
29 without compensation but shall be reimbursed for their
30 reasonable expenses from funds appropriated for that purpose;
31 and be it further
32 RESOLVED, That the Committee hold public hearings
-2- LRB9216690LDcs
1 throughout the State and study the issue of protecting
2 Illinois employee pensions and retirement savings plans,
3 including 401(k) preservation plans; the Committee shall
4 examine, among any other issues it chooses to investigate
5 with respect to the protection of Illinois employee pensions
6 and retirement savings plans, the following issues: (1) the
7 best way to ensure that Illinois pension funds are managed in
8 a manner that is consistent with fiduciary responsibility,
9 (2) whether any State pension funds are currently being
10 managed in such a manner that the employees and their
11 families who depend on the pensions cannot rely on the fiscal
12 health of the pension funds during their retirement years,
13 (3) the best way for investors in 401(k) plans and other
14 self-financed retirement savings plans to protect their
15 assets, (4) the expected rate of return for equity
16 investments in future years and whether, if the stock market
17 boom of 1998 through 2000 cannot be expected to continue,
18 Illinois citizens should change their saving habits, (5) the
19 special challenges facing police and fire departments and
20 their employees in maximizing their pension returns, (6) the
21 special challenges facing school districts and teachers in
22 maximizing their pension returns, and (7) the special
23 challenges facing the State and State employees in maximizing
24 their pension returns; and be it further
25 RESOLVED, That the Pension Rights Committee shall report
26 its findings to the General Assembly on or before December
27 31, 2002 and that the Pension Rights Committee be dissolved
28 upon delivery of its report to the General Assembly.