US - The US$39bn Illinois TRS has rejected a call by Senator Bill Brady to create a mandatory defined contribution plan for public employees, claiming such a move could prove "five times" more expensive.
The state is currently saddled with a $42bn unfunded pension liability, and Brady - the ranking Republican on the Senate Committee on Pensions and Investments - stressed the need to "restore fiscal...
To continue reading this article...
Join Professional Pensions
Become a Professional Pensions Lite Member today
In just a few clicks you can start your free Professional Pensions Lite membership, providing you access to:
- Three complimentary articles per month covering the latest real-time news, analysis and opinion from the industry
- Receive important and breaking news stories via our two daily news alerts
- Hear from industry experts and other forward-thinking leaders
Are you a trustee, investment consultant or in-house pension and benefit scheme professional? You can apply for full complimentary access here
