Comptroller Susana Mendoza Orders New Round of Pension Pre-Payments
SPRINGFIELD - For the second year in a row, Comptroller Susana A. Mendoza is taking advantage of a law she sought allowing her office to pre-pay state pensions when state fund balances are strong. “I believe in the adage that time in the market beats timing the market. We know from last year that these pre-payments work. With more money in their investment portfolios for a longer time, the pension systems saw assets increase,” Mendoza said. “Sound budgeting and solid revenues allow the state to again implement this cash management tool.” Until last year, the Illinois Office of Comptroller could make just one payment to the pension systems each month. Mendoza worked to change the law so the systems’ assets could take advantage of more time to potentially lead to greater market returns. Following reported year-over-year growth in the state’s General Funds base revenues of $1.4 billion, with the General Revenue Fund ending June with almost $1.9 billion
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