For those of you that live in Illinois or know someone that does, you may want to move. The reason because as a state resident of that fine state you are going to be on the hook for $45 billion. You may ask, how so? Illinois Teachers Retirement System's, after losing $4.4 billion on investments in fiscal year 2009, and 5 percent on investments in fiscal 2008, pension is now underfunded by $44.5 billion, or 60.9 percent, according to the Commission on Government Forecasting and Accountability’s March 2010 report. That is, it has 40 cents of every dollar they need. In other words, if you are a teacher in Illinois, your "PENSION" is dead. If you are a taxpayer in Illinois, please bend over!
For the full report, here is the link! Oh, my the way, the investments of choice were those credit default swaps (CDS), or derivative vehicles.
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