Dick Ingram, who serves as executive director for Teachers’ Retirement Systems, didn’t have much good news for teachers Thursday night.
He spoke to about 1,000 teachers at Carl Sandburg High School about Gov. Pat Quinn’s plans to rework the ailing and woefully underfunded state pensions, according to a Sun Times Media report by Steve Metsch.
“It’s pretty clear the state of Illinois in a real fiscal mess,” Ingram said.
Ingram further noted that TRS could be tapped out of money by 2030, according to the report.
Illinois now has underfunded pensions by $85 billion, of which $43.8 billion is TRS.
One of the most talked about scenarios involves the state putting its agreed upon contribution to TRS back on local school districts, which administrators and board members believe will inevitably end up on the backs of taxpayers.
Similar talks about pension reform ramifications have been held among . .
Read the rest of the Sun Times report.
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