Illinois TRS funded status drops

I found this article about the underfunding of teacher's pensions via Instapundit:

The funded status of the Illinois Teachers’ Retirement System (TRS) dropped to 56% in the last fiscal year, down from 64% the previous year.

TRS blamed the fall on investment declines, asset sales required to pay benefits during the fiscal year, and continued state underfunding.

However, it said the benefits of current TRS members were protected by the state and US constitutions from being reduced in any fashion, regardless of investment performance.

It should be noted, well this is the first I've heard of it, that anything below 80% is considered underfunded. I wonder how people thought the pension system would be in trouble if there has been a Con-Con in 2010?

Hat-tip Newsalert!