Estimates: $1B more debt for Chicago teachers' pension fund - KFVS12 News & Weather Cape Girardeau, Carbondale, Poplar Bluff

Estimates: $1B more debt for Chicago teachers' pension fund

Financial documents show that the pension fund for Chicago Public Schools teachers is an additional $1 billion in debt due to less aggressive investment return estimates.(Source: KFVS) Financial documents show that the pension fund for Chicago Public Schools teachers is an additional $1 billion in debt due to less aggressive investment return estimates.(Source: KFVS)

CHICAGO (AP) - Financial documents show that the pension fund for Chicago Public Schools teachers is an additional $1 billion in debt due to less aggressive investment return estimates.

The Chicago Tribune reports that consultants for the Chicago Teachers' Pension Fund now say the system is about $11 billion in debt. The documents show that the extra debt will make it even more difficult to comply with state law that requires the fund be 90 percent funded by 2059.

Chicago Public School CEO Janice Jackson says the district will continue to meet its obligations but also will continue to lobby for more funding to support schools.

Fund executive director Charles Burbridge says the district will resolve its pension problems if the economy and investment income grow.

Information from: Chicago Tribune, http://www.chicagotribune.com

Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • Heartland NewsNewsMore>>

  • IL Distracted Driving Awareness Week April 23-37

    IL Distracted Driving Awareness Week April 23-37

    Sunday, April 22 2018 10:59 PM EDT2018-04-23 02:59:13 GMT
    Illinois State Police District 22 has announced it will again participate in Illinois Distracted Driving Awareness Week enforcement (Source: KFVS)Illinois State Police District 22 has announced it will again participate in Illinois Distracted Driving Awareness Week enforcement (Source: KFVS)
    (Source: KFVS)(Source: KFVS)

    Illinois State Police District 22 has announced it will again participate in Illinois Distracted Driving Awareness Week and conduct an enforcement campaign.

    Illinois State Police District 22 has announced it will again participate in Illinois Distracted Driving Awareness Week and conduct an enforcement campaign.

  • First Alert: Rain to continue overnight into Monday

    First Alert: Rain to continue overnight into Monday

    Sunday, April 22 2018 10:03 PM EDT2018-04-23 02:03:26 GMT
    The rain will continue overnight with cool temperatures, mainly remaining steady in the middle 50s. (Source: KFVS)The rain will continue overnight with cool temperatures, mainly remaining steady in the middle 50s. (Source: KFVS)

    The rain will continue overnight with cool temperatures, mainly remaining steady in the middle 50s.

    The rain will continue overnight with cool temperatures, mainly remaining steady in the middle 50s.

  • Lt. gov. to tour Continental Tire in Mt. Vernon, IL

    Lt. gov. to tour Continental Tire in Mt. Vernon, IL

    Sunday, April 22 2018 7:07 PM EDT2018-04-22 23:07:33 GMT
    The Lt. Governor will be in Mt. Vernon at Continental Tire (Source: Lt-Gov.IL)The Lt. Governor will be in Mt. Vernon at Continental Tire (Source: Lt-Gov.IL)

    The Illinois Lt. Governor will be in southern Illinois on Monday, April 23.  Lt. Gov. Evelyn Sanguinetti plans to tour Continental Tire.

    The Illinois Lt. Governor will be in southern Illinois on Monday, April 23.  Lt. Gov. Evelyn Sanguinetti plans to tour Continental Tire.

Powered by Frankly