Report: SEC investigating Ill. pension plan

January 25, 2011 6:44:09 AM PST
The Securities and Exchange Commission is reportedly investigating Illinois' underfunded pension plan.

The Wall Street Journal reports that the SEC is concerned about statements from state officials and whether it could mislead investors.

The state plans to sell more than $3.7 billion in bonds in the coming weeks to prop up the fund.

The pension fund is only 50 percent funded, with more than $136 billion in liabilities.