Illinois Governor Furious After Pension Fund Cuts Returns Forecast, Sticking Taxpayers With “Crippling” Tax Hike

Saturday, August 27, 2016
By Paul Martin

by Tyler Durden
Aug 27, 2016

Illinois Governor Bruce Rauner was furious on Friday after unsuccessfully waging a last-minute battle to block the Teacher Retirement System pension fund from cutting its long-term return assumption from 7.5% to 7.0%, a move that puts the cash-strapped state government on the hook for up to $500 millions of dollars more in the short term.

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