Texas teachers’ pension fund invests in casinos, loses $99 million

Like many pension plans, TRS faces a widening gap between assets and long-term obligations, a result of market volatility, tight state budgets and a rising tide of retirees. Last year, this unfunded liability reached $24 billion and forced the teacher fund to continue a decade long freeze on increases in benefit payments.

s public investments go, this one looked like a roll of the dice.

But the Teacher Retirement System of Texas wanted a big win, so it put $100 million into the buyout of a Las Vegas gaming company called Station Casinos.


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