For Immediate Release
March 1, 2024
Contact: Janelle Gurnsey, Director of Public Relations
Ph: 217-652-6435
SPRINGFIELD, IL – Governor JB Pritzker’s plan to increase Illinois’ statutory funding ratio goal from the current 90% funding of its pension liabilities by fiscal year 2045 to a 100% funding ratio goal by fiscal year 2048, reaffirms a commitment to improve the retirement security of the state’s teachers.
“TRS applauds Governor Pritzker’s continued commitment to ensuring Illinois’ generations of teachers receive their promised retirement,” said R. Stanley Rupnik, TRS Executive Director and Chief Investment Officer. “As with his prior budgets, the FY25 budget proposal includes fully funding the statutory certified pension contribution to TRS along with, for the first time, a plan to get Illinois on a path to 100% pension funding by FY48. There is more work to do to address the System’s unfunded liability, but we are making steady progress and remain focused on our mission to deliver expert pension services to our public educators.”
Following the Governor Pritzker’s State of the State and FY25 Budget Address, the TRS Board of Trustees met at its regularly scheduled February meeting to review the following investment actions:
Within the System’s $11.4 billion Private Equity Portfolio:
- The commitment of €125 million to Cinven of London. This is a new investment relationship for TRS.
- The commitment of $40 million to OceanSound Partners of New York. OceanSound currently manages $22.5 million in TRS assets.
Within the System’s $24.5 billion Public Equity Portfolio:
- The commitment of $50 million to ARGA Investment Management of Stamford, Conn. This is a new relationship for TRS.
Within the System’s $12.6 billion Real Assets Portfolio:
- The commitment of $250 million to Stonepeak of New York. Stonepeak currently manages approximately $130.0 million in TRS assets.
Within the $16.9 billion Global Income Portfolio:
- The commitment of $200 million to Apollo Global Management of New York. Apollo currently manages $1.1 billion in TRS assets.
- The commitment of $125 million to Hudson Structured Capital Management Ltd. of Stamford, Conn. Hudson currently manages approximately $96.3 million in TRS assets.
ABOUT TEACHERS’ RETIREMENT SYSTEM OF THE STATE OF ILLINOIS
The Teachers’ Retirement System of the State of Illinois is the 38th largest pension system in the United States, and provides retirement, disability and survivor benefits to teachers, administrators and other public-school personnel employed outside of Chicago. The System serves over 448,000 members and had assets of $68.56 billion as of Jan. 31, 2024.