Pensions

gerri.songer's picture

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.

gerri.songer's picture

TRS FOLLOWS NEW LAW AND LOWERS THE STATE'S FY2018 CONTRIBUTION BY $531 MILLION

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.

gerri.songer's picture

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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