SEC Seeks Truth About Ill. Pension Reform Savings

Law360, New York (January 25, 2011, 6:40 PM EST) -- The U.S. Securities and Exchange Commission has opened an inquiry into comments by Illinois public officials about possible long-term savings generated by reforms of the state's sagging pension fund.

Gov. Pat Quinn's budget spokeswoman Kelly Kraft confirmed on Tuesday that the SEC sent a letter in September about statements made during the push for state pension reform, a measure that passed in March.

Comments about the pension reform measures included a statement that claimed the pension overhaul would save Illinois more than $200 billion over 35...
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