Look at the “TRS IL Comprehensive Annual Financial Report for the fiscal year ending June 30,2015”
pdf page 100 has active member data. Page 109 retirees.
- Average salary for new teachers (under 5 years of service) is $47,796
- Average salary for soon to retire teachers (25-29 years of service) is $94,410
- and (30-34 years) $100,785
Then look at retiree data.
- Those retired less than 1 year who worked 25-29 years have an average starting (and current) benefit of $3,222/month = $38,664
- And 30-34 years experience have $5,646/month = $67,752
Note, those retired longer, may have a higher current pension. Current pensions peak for those retired 10-14 years ago (that would be retired in 2002-2006)
- 25-29 years experience have a current pension of $4,580 = $54,960
- and 30-34 years experience have a current pension of $6,295 = $75,540
This tells us a couple things.
- When a teacher who worked a full career (30+ years) retires, the retiree will have a starting pension ($67,752) for not working that exceeds her replacement’s starting salary ($47,796) for working.
- Retiree COLA (3% annually compounded) exceeds the amount the salary curves are going up.
From page 100 of the pdf (active teachers salary chart)
From page 109 of the pdf (retired teachers pension chart)