Tag Archives: richard ingram

Head of teacher pension fund says state will need to cut COLAs

“Look at every other state that’s done pension reform – what have they done? They’ve changed the COLA because that’s where the cost is,” Teachers Retirement System executive director Richard Ingram.

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Illinois Teachers Retirement System

The last time Illinois Teachers Retirement System director Richard Ingram advocated pension reform to protect benefits for future retirees, he did not get a warm reception in some quarters. The State Journal-Register said Ingram paid the price for speaking the truth.

Retirement Benefits for Teachers

Cuts to cost-of-living adjustments must happen now to insure retirement benefits are there when current teachers retire, says the head of the state’s largest pension plan, Illinois Teachers Retirement System. Without a change, TRS chief Richard Ingram warns, “’It’s likely that benefits are impaired today, that we’re looking at the possibility in the future of not being able to pay them.” One-fourth of TRS benefit payments are for COLAs, Ingram tells Crain’s Chicago Business. 

 

 

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