24/7 Newsfeed

Put Reason 24/7 on Your Site

RSS

Follow Reason 24/7 on Twitter and via RSS

Illinois Teachers Warned About Poor State of Pension Fund

The head of Illinois’ largest public pension fund is once again warning teachers their pensions could soon disappear.

Dick Ingram, executive director of the Illinois Teachers’ Retirement System, says the retirement system for 390,000 public school teachers in Illinois is spending more money than it’s taking in.

“Without changes to the pension code to ensure sustained and adequate funding, TRS faces the very real possibility that in a few decades the System will not have enough money to pay benefits to retirees,” Ingram wrote in a news release. “We cannot guarantee that TRS will have enough money to pay the pensions promised to every member in the System.”

Source: Watchdog.org. Read full article. (link)

Editor's Note: We invite comments and request that they be civil and on-topic. We do not moderate or assume any responsibility for comments, which are owned by the readers who post them. Comments do not represent the views of Reason.com or Reason Foundation. We reserve the right to delete any comment for any reason at any time. Report abuses.

  • Sevo||

    "That unfunded liability actually rose $3 billion over the past year, despite TRS seeing a 12.8 percent return on investments."

    They got ~13% and they can't balance the books on THAT?!

advertisement