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
From page 26
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.
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.”
