The state of Illinois now has a law that created a new position known as the State Actuary. The actuary will oversee the state’s five pension systems to ensure accuracy when calculating Illinois’ annual pension contribution payment. Oh oh ! What does that mean ? “Calculating Illinois’ annual pension contribution payment”. Wait a minute? Wasn’t that being done before ? If there wasn’t an actuary already doing that,who did it ? An intern in the Capitol janitorial service ?
This has me worried. What if the actuary determines that the pension contribution has been too much for the last several years and now the state needs to REDUCE their amount in order to make up for the mistake ? I can think of all sorts of scenarios that have me worried about this new position. Why do we suddenly need this now ? What has changed? I smell a rat here. Am I being too paranoid ? Does anyone out there know more about this ?
I know it’s crazy of me not to think that this is in the best interest of our pensions. Would the state do anything that could possibly imperil our future pension payments? Oh, wait, they already did that for the past 30 years or so when they stole our money. No wonder I’m paranoid.