Pensions

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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 Lawmakers Stampede for the Exit

Post By: Chicago Tribune
http://www.chicagotribune.com/suburbs/daily-southtown/opinion/ct-sta-ber...

Thirty state lawmakers in the 100th General Assembly will not be holding their seats in the 101st General Assembly. And that's not even counting those who might be ousted at the ballot box next year.

The exodus is unlike anything Springfield insiders have ever seen.

Let's take a look at the breakdown of who's leaving, and why.

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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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