East Dundee, IL – In light of the American Academy of Actuaries suspending Timothy W. Sharpe from membership for a period of two years for materially failing to comply with parts of its Code of Professional Conduct, Representative Skillicorn is calling for a recalculation and review of every Illinois pension Mr. Sharpe was involved in.
Skillicorn stated, “You cannot begin to address a problem if the magnitude isn’t fully understood. With the suspension of Mr. Sharpe, it is imperative that we conduct a review and recalculation of every pension he was involved in. The state of Illinois carries a massive unfunded pension liability that is estimated to be anywhere from $150 billion to $250 billion affecting our credit rating, which is just barely above ‘junk’ status, while many municipalities are severely underfunded as well. The public has a right to know if the situation is even worse.”