Monday, August 29, 2016
Illinois' Unfunded Pension Liability Set To Get Larger
Action taken by the Board of Trustees of the Illinois Teachers Retirement System is expected to translate into a large increase in Illinois' pension contributions. The board voted Friday to lower its rate of return on investments from seven-point-five-percent to seven-percent. The "Chicago Tribune" reports the vote means an increase of between 400 and 500-million dollars annually in how much the state chips in. Illinois currently has an unfunded pension liability of nearly 111-billion dollars, the worst-funded pensions system in the country.