Of the 24 funds surveyed, Illinois’ Teacher Retirement System was the fourth-worst performing. Richard Ennis, former editor of the Financial Analysts Journal, said TRS and its $66 billion is one of the more mismanaged funds in the nation.
This is why I said many times that reforming the pension system entails all the management fees which come off the top regardless of performance. This costs taxpayers nothing .Millions upon millions in yearly fees and no one checks. How many billions have been spent on fees? But the taxpayers are on the hook for shortfall so who cares.
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.
This is why I said many times that reforming the pension system entails all the management fees which come off the top regardless of performance. This costs taxpayers nothing .Millions upon millions in yearly fees and no one checks. How many billions have been spent on fees? But the taxpayers are on the hook for shortfall so who cares.