Illinois’ Pension Payment Expected To Increase By $400M
Illinois' contribution to the state's largest public-pension fund is expected to increase by more than $400 million next year after the board overseeing the account, trustees with the Teachers' Retirement System, lowered its expected rate of return on investments. The move could lead to higher taxes or massive cuts to education and social services. Gov. Bruce Rauner says this could have a devestating impact on Illinois' current budget structure.