US - The Illinois government has passed a bill that overhauls the management of the state's four pension boards and removes Jon Bauman the executive director at the Teachers' Retirement System of the State of Illinois (TRS).
Blagojevich was indicted yesterday on several charges including using his position to sway investments at the Teachers' Retirement System of the state of Illinois. The new members will be appointed by Quinn.
The bill raised the ire of TRS board members, who feel they are being unfairly targeted because of the actions of Stuart Levine, a former Blagojevish-appointed trustee who pleaded guilty to corruption.
TRS trustee Bob Lyons said: "The elected trustees of the TRS Board are angry and deeply troubled by the implication that they were some how complicit in the illegal behavior carried out by Stuart Levine." Lyons was appointed by retirees.
He added: "The elected trustees were the victims and now we are being accused of being accomplices. That is wrong!"
The bill also terminates Bauman effective 1 July.
Lyons said: "He is being removed from office, his career terminated without ever being accused of anything, let alone indicted, tried or found guilty."
Senate Bill 0364 also affects the boards of the State Universities Retirement System, the State Employees Retirement System and the Illinois State Board of Investment.
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