Illinois Teachers’ Pension Troubles

It’s important to note that this fund do NOT include CPS teachers.

Illinois public school teachers and retirees could have reason to worry about the kinds of pension checks they will be getting down the line.  …

The Springfield State-Journal register reported over the weekend that pension director Dick Ingram sent a memo to his board on Feb. 9, saying he was no longer confident that the state’s largest pension system will continue to pay it enough money to stay above water. The state owes Ingram’s fund $43 billion.  …

Ingram said pension funding is under severe threat from the state’s unpaid bills, soaring Medicaid costs and the $85 billion in overall unfunded pension liability, which is expected to rise.

“If that is the case, the only other option available that would significantly change the amount owed is to reduce past service costs for active members and retirees,” Ingram wrote in the memo.  …

Gov. Pat Quinn addressed the pension crisis shortly after releasing his budget plan in February.  …

“Everybody is going to get a haircut. No one will get scalped – that’s the basic concept,” the governor added.

via CBS Chicago.

Decades of the Machine running both Chicago and the state have led to every government entity in the state not being able to meet it’s obligations.

This is a wake-up call to not only teachers, but police officers, firefighters, and government workers of every sort.  The good ‘ole days are over.  The gravy train is ending.

Time to get real.

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