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)