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Audit: Department of Insurance not examining troubled local pension funds

APRIL 22, 2019 | by Rich Miller | CAPITOL FAX (ILLINOIS)

Part of the probe looked at whether Insurance is complying with a state law to examine … public safety pension funds every three years. The Auditor General went back to 2004, meaning that in the audit period, Insurance should have examined each of those funds four different times. … 230 funds were examined two times (two missed) 383 funds were examined once (three missed) … In response, the Department of Insurance said it was seeking legislation to shift to an audit of the funds every five years, instead of three. Brilliant.

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