Illinois pension reform resurfaces

By Matt Paprocki
In December 2013, a pension reform bill passed out of the Illinois General Assembly. Sponsors of the bill estimated $160 billion in savings over the next 30 years, and supporters touted that the pension problem in Illinois was finally fixed. In fact, most of the dialogue throughout the Capitol was that the state-funded pension systems...

TAGS: 401(k), COGFA, defined benefit plans, GARS: General Assembly Retirement System, Illinois General Assembly, pensions

Illinois’ pension crisis keeps getting worse

By Ted Dabrowski
Even if Illinois pension funds see investment returns that exceed expectations, that still won’t be enough to plug the largest fund’s hole. The Teachers’ Retirement System reported its pension underfunding grew to $55.73 billion as of June 30, 2013 — an increase of more than $3.5 billion since the end of the previous fiscal year...

TAGS: 401(k), COGFA, Dick Ingram, SURS: State Universities Retirement System, TRS: Teachers’ Retirement System