The head of one of the largest state-funded pension systems says lawmakers are putting political science ahead of actuarial science.
Dick Ingram of the Teachers Retirement System says cutting the state’s contribution to TRS by $500 million may have helped with this year’s budget math. But he says less money now means less money from investment income in the future… so it will actually take $1.5 billion down the road to make up this year’s shortfall.
You can hear more of the pension discussion before the Citizens Club of Springfield this weekend on Podium, heard at 5:30AM and 1:00PM on Saturday.
Photo Credit: Facebook / Teachers’ Retirement System of Illinois