Illinois Teachers Retirement System says fund may go broke - FOX 32 News Chicago

Illinois Teachers Retirement System says pension fund may go broke

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CHICAGO (FOX 32 News) -

The head of the Illinois Teachers Retirement System said the fund could go broke unless state lawmakers start funding the program.

Illinois lawmakers have been diverting funds from the pension system to pay for other projects for years.

The state currently faces $85 billion in unfunded pension liabilities despite a record income tax increase last year.

Critics said a plan to dump the bill on local school districts could bankrupt many districts and lead to sharply higher property taxes for homeowners.

The head of the pension fund said unless something is done, the fund will have to cut benefits.

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