(AP) -- Illinois
is settling a federal securities-fraud charge that it misled investors about
the health of its pension system.
Gov. Pat Quinn's office agreed Monday to
a cease-and-desist order in the Securities and Exchange Commission case. The
SEC said in a news release that Illinois
admitted no wrongdoing but has made more complete disclosures since 2009.
The case revolved around more than $2
billion of municipal bonds sold from 2005 to early 2009 to pay state
obligations to public-employee pension programs.
The SEC charged that the state did not
adequately inform investors that a 50-year funding plan adopted in 1995 did not
adequately cover pension liabilities.
The five pensions systems are now $97
billion in debt and a solution is lawmakers' top priority.
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