Illinois’ Teachers Retirement System board had adjusted its assumed rate of return, a decision which will force the legislature to find another $290 million. The board Friday lowered the rate from 8.5 to 8 percent.   Republicans in Springfield wasted no time responding. A joint news release from the Senate and House minority leaders calls the situation another example of why the state needs “comprehensive pension reform.”
Click here for summary
TRS spokesman Dave Urbanek was prepared for such a remark: “We’re aware of where Moody’s and others want to set the assumed rate of return. The problem with that, though, is if you lower the rate of return beyond 8 percent, the state contribution goes even higher.”
(COpyright WBGZ / )