The state's retirement system for teachers is lowering its expectations for investment performance. Dave Urbanek, with the Illinois' Teachers' Retirement System, says the system decided to lower its assumed return as a result of volatility in the global economy.
"A lower assumed rate of return, in essence, is a lowering of the estimated amount of revenue that we will collect from our investments over a longer period of time."
Urbanek says Illinois will have to contribute more to TRS as a result of the lower expected return to help cover pension obligations.
