Schools, nursing homes and daycare centers across Illinois are going to be paying for Illinois' soon-to-be much higher pension payment.
Illinois' teacher pension managers last week admitted they needed to lower expected returns on pension investments, meaning taxpayers need to make up that difference. Illinois' pension payment will jump by at least $420 million next year, to over $8 billion.
State Sen. Jason Barickman, R-Normal, said schools, nursing homes and daycares will be squeezed even tighter.
"Because of the decisions of this non-elected board, the Teachers' Retirement System board, Illinois taxpayers are on the hook for hundreds of millions of dollars this year alone," Barickman said.
State Rep. Joe Sosnowski, R-Rockford, said the millions of taxpayers in Illinois who won't get a guaranteed state pension should be furious.
"I think everyone should be angry," Sosnowski said. "The inability to make changes in the pension system is just mind-boggling and frustrating."