Illinois’ long-term pension liabilities — the amount it’ll need to pay current and future retirees — is approaching 100 billion dollars. As lawmakers debate what to do about it, Richard Hiller says too many of the proposed solutions won’t do enough to reduce the state’s FUTURE liabilities. Hiller’s a senior vice president with TIAA-CREF Financial Services — he’s in charge of its government market business. Hiller spoke with WUIS’ Amanda Vinicky about his belief that Illinois should offer workers hybrid retirement plans, ones that combine a traditional pension with a defined contribution account.
TIAA-CREF does investment work for the University of Illinois Springfield, which owns the license for WUIS.
WUIS’ Sean Crawford spoke with Lou Kosiba, the Executive Director of the Illinois Municipal Retirement Fund, a public pension system that has been lauded for how it operates and how it is funded: