By Bill Cameron, WLS-AM News
(CHICAGO, IL) State government already has a terrible time paying the bills, but WLS-AM 890 Political Reporter Bill Cameron says the problem just got a lot worse this afternoon.
The pension fund that pays for suburban and downstate teachers pensions has lowered its assumed rate of return on its investments from seven and a half to seven per cent.
That means the state has to increase its pension fund contribution by 421M.
Governo Rauner didn’t want this to happen so soon.
“Any decision that’s gonna cost taxpayers maybe half-a-billion dollars per year, that should be vetted and very transparent as they debate the issue.”
The Teachers Retirement System board debated the issue, but decided to act today anyway.
@ 2016 WLS-AM News
