Tagged: Illinois pensions

A labor union is demanding the resignation of the head of Illinois' teacher pension system. The union doesn't like what he's been saying about the future of teachers' retirement benefits. Richard Ingram says in order to solve the long-term funding problems of the Teachers' Retirement System, the state has to consider reducing automatic cost-of-living increases for retirees.

Governor Pat Quinn initially said a campaign dealing with public employee pensions would begin in August. Illinois owes $83 billion more in pensions than there is money available.  That debt has prompted widespread calls for cuts to state employees' and teachers' benefits.