IL Pension Bicentenial Report 2015

This report contains history, current law and funding levels for Illinois pension funds.   A good reference document.

insurance2.illinois.gov/Reports/Pension/pension_biennial_report_2015.pdf 

For instance page 82 of pdf has details for TRS, Tier 1 (hired prior to 1/1/2011)

  • Basic Rate of Annuity: 2.2% per year of service
  • Maximum Annuity: 75%

It would take just over 34 years to reach the max of 75%

Not listed here, unused sick and vacation days count towards service.  Two years is not unusual.

If a teacher started right out of college at age 22, worked 33 years and cashed in 2 years of accrued sick/vacation days, that would allow him to retire at age 55 with FULL (75% of the average last 4 years of salary) benefits.

This report has data for each state run fund, each Chicago fund, and fire & police retirement funds for each municipality.

One thought on “IL Pension Bicentenial Report 2015

  1. Actually only “sick days banked” count towards the pension. However, CUSD 200 had administrators who were allowed to morph excess vacation days into sick days.

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