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SPRINGFIELD, Ill. (AP) — The director of the Illinois Teachers Retirement System warns that financial troubles are so great it could be forced to consider reducing pension benefits to teachers who have already retired, according to a newspaper report Sunday.
The (Springfield) State Journal-Register reported Saturday that it obtained a confidential memo written by Dick Ingram warning of the politically explosive possibility of whittling away pensions not just for future retirees but for those who have already left work.
In the Feb. 9 memo to his board, Ingram said the state’s largest pension system has been underfunded for decades and that he is no longer confident the state will continue to pay it enough money to stay above water. The state owes Ingram’s fund $43 billion.
Ingram cited one forecast that the Teachers Retirement System could be insolvent by 2029.
Ingram said pension funding is under severe threat from the state’s unpaid bill...See More
The (Springfield) State Journal-Register reported Saturday that it obtained a confidential memo written by Dick Ingram warning of the politically explosive possibility of whittling away pensions not just for future retirees but for those who have already left work.
In the Feb. 9 memo to his board, Ingram said the state’s largest pension system has been underfunded for decades and that he is no longer confident the state will continue to pay it enough money to stay above water. The state owes Ingram’s fund $43 billion.
Ingram cited one forecast that the Teachers Retirement System could be insolvent by 2029.
Ingram said pension funding is under severe threat from the state’s unpaid bill...See More
retired teacher
“If that is the case, the only other option available that > would significantly change the amount owed is to reduce > past service costs for active members and retirees,” Ingram > wrote in the memo. > > Cost-of-living increases may be targeted > ..................... > “That is crystal clear in that benefits cannot be mo...See More
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