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
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
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.”