In a recent interview with Crain's Chicago Business, Richard Ingram, the executive director of the Illinois Teachers' Retirement System (TRS), stated that cuts to the cost-of-living adjustments of pensioners are inevitable. According to Ingram, in order to ensure the solvency of the TRS pension fund, the state will have to somehow reduce COLAs. In what could only be called a moment of brutal honesty, Mr. Ingram is quoted as having said the following: “It's very likely that benefits are impaired today, that we're looking
at the possibility in the future of not being able to pay them.” Translation: the state will not be able to fulfill the promises that it has made in the past. If you are a participant in this pension system, you might not want to be solely dependent on TRS for your retirement.
Click here to read the entire article.
No comments:
Post a Comment