"Illinois failed to disclose that its statutory plan significantly underfunded the state's pension obligations and increased the risk to its overall financial condition, " the SEC said in a statement.

BBC: SEC logo

Or so the system's trustees, who have a statutory duty to plan for the next 75 years, tell the politicians.

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As a minimum, they want control of the commencement orders, the subsequent statutory instruments under which the tax plan would be put into operation.

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The final version of the plan, which is a statutory requirement, will be adopted by the end of March.

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The councils are concerned the plan could mean they would not have enough money to meet their statutory responsibilities to vulnerable children.

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The report says recommendations include ensuring all children who "have been assessed as children in need have a written plan in place" and "all children receive regular monitoring visits within statutory timescales".

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