Illinois teacher pension system nearly $40 billion in the hole

The Chicago Tribune reports:

The Teachers' Retirement System, the largest and costliest of Illinois' pension programs, is now almost $40 billion short of what's needed to cover future benefits — the deepest financial hole in 20 years of state records.

And with lawmakers looking to rein in the massive costs of public retirement programs, teachers worry that the nest egg they've always considered a sure thing might shrink, while school district officials are concerned that local taxpayers might have to start picking up more of the tab.

Illinois political leadership!