Teachers Retirement System

Brian Mackey/WUIS

Illinois' lack of a budget means public pension systems won't get their state contribution next month. That won't stop retirees from getting their checks. However, there could still be an impact.

Illinois Issues: The Next Pension Time Bomb

Jul 2, 2015

Illinois has more than $100 billion in pension debt. So far, attempts to fix it have been mostly illegal.

Brian Mackey/WUIS

  The Illinois Teachers' Retirement System says it expects a lower return on its pension investments in the next year. That means the state will have to cover more of the cost of teacher pensions.

TRS says it's still a good assumed rate of investment return at 7.5 percent. That falls in line with similar pension systems nationwide. But it's not as profitable as 8-percent, which TRS had been using for the previous few years.

Dave Urbanek is with TRS. He says the unpredictable nature of the international economy spurred the decision to lower the rate.


The State Universities Retirement System now says a troublesome piece of last year's state pension-reform law may not cut retirees' pensions after all.  

William Mabe is the executive director of the retirement system. He tells The (Champaign) News-Gazette (http://bit.ly/QfeCu8 ) that the language in law that would cost retirees' a year of pension should be interpreted as if it didn't _ because it wasn't intended to.  
That's based on the interpretation the Teachers Retirement System has been using when it looks at the law. Now SURS plans to follow suit.  

Arthur Public Library via IMLS DCC (creative commons)

Illinois’ biggest and most indebted pension system is beginning to implement changes tied to the pension overhaul passed this month. But officials are also making plans in case the new law is struck down.

The Teachers Retirement System is by far the biggest of Illinois’ five pension systems, with well over 360,000 members. TRS is also the biggest factor in the pension funding problem, accounting for more than half of the combined $100 billion shortfall.

Amanda Vinicky

The curtains are closing on the Chicago play "I Wish to Apologize to the People of Illinois" -- a timely production, given that today, Dec. 9, marks five years since Rod Blagojevich's arrest. Two trials later, he was convicted on 18 counts of corruption. At Blagojevich's sentencing hearing, the former governor said he was sorry for his mistakes. But Blagojevich was not the one making apologies in this show. He's not even a character -- just someone who gets mentioned now and again.