Illinois Teachers' Retirement System is Broke...

...which means the State of Illinois will go broke (never mind all the other unfunded obligations of the state).

Jonathan Ingram, Illinois Policy Institute:

Between now and 2045, TRS [the Illinois Teachers' Retirement System] is scheduled to pay $376.5 billion to retired teachers. It has just $36.3 billion on hand. In order for these assets to cover future payouts, TRS would need to see average investment returns of more than 18.5 percent per year.

The simple fact is that TRS is broke.

(Via Newmark's Door)