CHICAGO — The Illinois Teachers’ Retirement System’s adoption of a lower projected rate of return on investments, and other changes to its actuarial assumptions, will hike the state’s scheduled payment in the next fiscal year by $470 million.

The changes approved by the system’s board Friday take effect for fiscal 2014, affecting the state’s next budget that covers July 1, 2013, through June 30, 2014. Gov. Pat Quinn will release a  budget proposal early next year.

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