Illinois teacher pension system nearly $40 billion in the hole
Why can't it work like that?
"The pension program for Chicago Public Schools teachers gets very little from the state, compared with what TRS receives. Chicago's system, far smaller than TRS, also is better funded: It has 67.1 percent of what's needed to pay benefits in the future, compared with 48.4 percent for TRS.
"The Senate president's view is, why doesn't the rest of the state work like CPS?" said Cullerton spokesman John Patterson. "Suburban and downstate districts effectively set pensions by their salary decisions, but the state isn't part of those decisions," Patterson said, even though the subsequent pension costs are pushed off to state taxpayers."
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