Illinois Attorney General Lisa Madigan at the Williamson County Airport earlier today.
MARION, Ill.—Illinois Attorney General Lisa Madigan made her appearance in Marion this afternoon to announce the good news for some who were worried about their pension plans in Illinois.
Madigan gave her presentation directly from the press release we ran here at the site earlier. The good news is that several states have reached settlements with Bank of America to recover losses from bad investments, which were made as the result of pension ‘programs’ the feds allow states to make with private institutions to fund retirements for public employees. If there’s any bad news, it’s that the states are still largely upside-down with their pension plans because of the shoddy way the investments were made over time.
Our correspondent said Madigan gave the presentation and then chatted for awhile, sitting down next to her and telling her about flight delays out of Chicago. Our correspondent advised that Madigan was down-to-earth and very friendly and personable. There was no word on why Madigan chose Marion for the location to deliver the news.
That’s about the size of the report. What this settlement will do for those of us who are still funding public pensions in our states remains to be seen. We’ll certainly have more information on the matter if it becomes available.