IL. Teachers' Retirement System's unfunded liability jumps $5 billion in FY10

Crain's Chicago Business reports:

The Teachers' Retirement System for Illinois said Monday that its unfunded liability swelled by $4.8 billion in fiscal 2010.

That amount now puts the total unfunded liability for the plan at nearly $40 billion, which represents 52% of total future liabilities.

Teachers' Retirement System trustees said the plan, which provides retirement, disability and survivor benefits, sold assets during the 2008 and 2009 economic recession, which resulted in a 26% loss in investment income.

The plan covers 365,000 teachers, administrators and other public school employees in the state with the exception of Chicago Public Schools personnel.

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