Illinois Teachers' Retirement System selling off $3B to cover benefits

The reason this is the quiet disaster, the major losses in retirement programs investments is two fold.

1. The legal liability that the managers of pension funds absolutely have as compared to your average whacked hedgie.
2. The fact that for decades pension funds have been Wall Street's round file for junk.

Jim


Those looking for major, voluntary changes within a broken system should (re)read Jim's above comments.

Fiduciary responsibility creates massive liability for those managing those assets. This will be protected at all cost. Unfortunately, generations of Americans have become so dependent on a social saving system that, either due to ignorance, complicity or combination of the two, cannot serve their interests. At this point, meaningful change will extract a heavy cost on those that have already suffered.

Illinois Teachers' Retirement System, Springfield, plans to sell $3 billion in investments, or about 10% of its $33.1 billion in assets, in the current fiscal year to pay pension benefits, according to Dave Urbanek, public information officer.

Source: chicagobusiness.com