TRS

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What is the Retirement Systems' Reciprocal Act?

The Retirement Systems' Reciprocal Act provides that if an employee has at least one year of pension credits established in more than one Retirement System covered under the Reciprocal Act, that service will be considered together at the time of retirement or death of an employee. The purpose of the Act is to ensure full and continuous pension credit for service in public employment in the State of Illinois, and the transfer of employment from one governmental unit to another.

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Illinois Pensions - Tier 3?

Attached below is a break down of IL pensions comparing benefits for Tier I and Tier 2 members. Tier II teachers have later retirement dates, longer vesting requirements, salary caps for pensions lower than the Social Security wage base, and lower cost of living increases after retirement that are not compounded.

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LTE: 'Illinois math' has led to chronic underfunding of teacher pensions FROM? Dick Ingram

- - MUST BE A CHARTER!! - -

Post By: Chicago Tribune
http://www.chicagotribune.com/news/opinion/letters/ct-illinois-taxes-tea...

In a recent column, Kristen McQueary listed a few instances where controversial decisions by Illinois’ elected officials have directly shaped the fiscal despair of state and city governments.

However, she did not fully explain one example.

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THE DIFFICULT PROBLEM OF PENSION FUNDING AND FINANCES IN ILLINOIS

Post By: TRS
https://www.trsil.org/news-and-events/pension-issues/difficult-problem-o...

Issue: In 2012 the TRS Board of Trustees approved a resolution which acknowledged that due to evolving circumstances that call into question the General Assembly’s ability to meet the existing statutory plan to fund TRS, drastic changes are needed to maintain the long–term viability of TRS and the other state pension systems.

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TIER III PLANNING UNDERWAY

Post By: TRS
https://www.trsil.org/news-and-events/Tier3_Planning

Teachers’ Retirement System has begun the complicated process of creating a new Tier III “hybrid” benefit structure for future members, in compliance with a new state law enacted in July by the General Assembly.

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TRS Follows New Law and Lowers the State's FY2018 Contribution By $531M

Post By: TRS
https://www.trsil.org/news-and-events/August_2017_Board_Meeting

The Teachers’ Retirement System Board of Trustees reduced the State of Illinois’ annual funding contribution to the System for fiscal year 2018 by $530.8 million; reluctantly adhering to a new law that changes the statutory pension funding formula.

The revised state contribution for TRS is now $4.034 billion. The previous FY 2018 contribution, certified by the TRS Board last October, was $4.564 billion.

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80% of state teacher pension payments going towards unfunded liability

Post By: Fox News
SEE VIDEO: http://foxillinois.com/news/local/80-of-state-teacher-pension-payments-g...

Seven billion dollars of the state's budget goes towards pensions for the fiscal year 2017; Four million of that is for the Teachers Retirement System (TRS). However, 80 percent of that funding goes towards unfunded liabilities, while only 20 percent actually goes towards pension payments accumulated throughout the year.

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State cuts funding for teacher pensions

Post By: Illinois Times
http://illinoistimes.com/article-19084-state-cuts-funding-for-teacher-pe...
Pension fund resists move to passive investments
By Bruce Rushton

The head of the state pension system for teachers warns that a $531 million reduction in expected state contributions to the pension plan this year will cost taxpayers $1.6 billion in the future.

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Strapped Pension Funds, and the Hefty Investment Fees They Pay

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Town Hall Meeting - TRS

SEE ATTACHED POWERPOINT

TRS: http://trs.illinois.gov

Dick Ingram, executive director of Teachers’ Retirement System, is holding a series of Town Hall meetings in the Chicago area.

Wednesday, February 8
4:30 PM
DuPage County Regional Office of Education Auditorium
421 North County Farm Road, Wheaton

Thursday, February 9
7 PM
Amos Alonzo Stagg High School Performing Arts Center
8015 West 111th Street (at Roberts Road), Palos Hills

No reservations are necessary.

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