Monthly Archives: April 2016

Financial Condition of IL State Retirement Systems FY 2015

This entry has links to  several recent (2015-2016) reports on pensions.

Illinois Commission on Government Forecasting and Accountability published a report in March 2016:

Report on the Financial Condition of the State Retirement Systems FY 2015

cgfa.ilga.gov/Upload/FinConditionILStateRetirementSysMar2016.pdf

From Page 24

FY2015ILPenFundRatios

 

From page 26

FY15 ILPenUndundedHistory

 

COMPREHENSIVE ANNUAL FINANCIAL REPORT for the fiscal year ended June 30, 2015     trs.illinois.gov/pubs/cafr/FY2015/fy15.pdf

On page 100 (of the pdf) we fing that the average salary for active teachers in 2015 was $69,538

What’s driving Illinois’ $111 billion pension crisis  illinoispolicy.org/reports/whats-driving-illinois-111-billion-pension-crisis/

From the report:

  • The average career pensioner – retired after Jan. 1, 2013, with 30 years of service or more – receives $66,800 in annual pension benefits and will collect over $2 million in total benefits over the course of retirement.
  • The average career pensioner will get back his or her employee contributions after just two years in retirement. In all, pensioners’ direct employee contributions will only equal 6 percent of what they will receive in benefits over the course of their retirements.

IPI report career pensions

Comparing the average teacher salary of $69,538 in 2015 to the average current pension for those in TRS who retired after 1/1/2013 and had 30 years of creditable service, $73,300,  we see that recently retired teachers are paid more in retirement than those actively working.

Illinois Pension Reform: Three Wrongs Do Not Make a Right

heritage.org/research/reports/2015/12/illinois-pension-reform-three-wrongs-do-not-make-a-right

Number 4 in its key points:

“Rather than reforming the system now with minimal discomfort, such delays threaten future taxpayers and pensioners with far more significant measures.”

BG-illinois-pension-reform-chart-1