Illinois Governor Bruce Rauner Furious After Pension Fund Cuts Returns Forecast, Sticking Taxpayers With "Crippling" Tax Hike - thanks to the Michael Madigan Corruption Machine

Earlier this week, we reported of an daunting predicament facing the dramatically underfunded Illinois Teachers Retirement System (TRS), the state's largest pension fund which is only 41.5% funded: cut its existing future returns assumption from 7.5% to 7.0% (which was previously lowered from 8.0% in 2014) and suffer the wrath of the state's governor Bruce Rauner, who would be forced to implement even more unpopular tax hikes, or keep its existing projected returns, and potentially suffer an even greater shortfall - and greater taxpayer funding needs - over the long-run if it was unable to hit its bogey.

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