Tax hikes to recover fund's $3.6bn loss
US - The US$19bn Illinois Municipal Retirement Fund (IMRF) may have to be bailed out by the taxpayer following a loss of $3.6bn in assets, the scheme's executive director has warned.
In a statement, Louis Kosiba sought to reassure members that despite recent events in the financial markets, individual investments were "secure". He said: "Although our investments have lost some value,...
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