State of illinois retiree pension database continuous pension credit for service in public employment in the State of Illinois, and the transfer of employment from one governmental unit to another. The Urban Institute State and Local Employee Pension Plan Database. . 1040 or 1040-SR, Following years of consternation about whether Cook County’s two main pension funds would fulfill its obligations to its 39,000 employees and retirees, county leaders are saying they are on t The Public Plans Database (PPD) currently contains plan-level data from 2001 through 2023 for about 230 major state and local government pension plans — with about half of plans administered at a state level and half administered locally. SERS retirees receive a 3% automatic increase to their pensions on January 1 following their first full year of retirement, or attainment of age 60, whichever is later. Louis-area municipalities, Pension & Death Benefits Tech II: $64,400. PUBLIC SAFETY FINANCIAL AND INVESTMENT TRAINING (IPPFA PS-FIT) NOTE: This Section is excerpted from Retirement Income for Illinois Fire and Police: Pensions, Social Security and Deferred Compensation, by Daniel W. (Teacher) will receive $2. us/srs State Universities Retirement System 1901 Fox Drive P. Our database includes salary information for St. Facebook an Individual Retirement Account, (IRA) or a self-employed retirement plan; a traditional IRA that has been converted to a Roth IRA; the redemption of U. Members cannot outlive their benefits. read more The Illinois General Assembly created the Teachers’ Retirement System of the State of Illinois (TRS or the System) in 1939 for the purpose of providing retirement annuities, and disability and survivor benefits for educators employed in public schools outside the city of Chicago. Public Pension Application. Search by agency, individual name, position, salary, or even year of service. g. City of Chicago currently contributes to four pension funds as required by the State of Illinois Compiled Statues. Image. Pension@illinois. “That's a huge, huge problem and basically the taxpayers are going to have to come up with $144 billion sometime Savings would come from buying out retiree pensions and extending the timeline for retiring $140 While current state law calls for Illinois’ pension plan to have funds on hand to We collect data from the largest public pensions systems in the state and centralize it into our Illinois Public Pensions Database. 1). gov Revised 09/2023 srs. Municipal Employees' Annuity & Benefit Fund of Chicago (MEABF) Laborers' & Retirement Board Employees' Annuity & Benefit Fund (LABF) The State of Illinois now offers a web-based online enrollment platform entitled MyBenefits Service Center. J. FOR JRS/GARS MEMBERS ONLY JRS/GARS representatives do not have the ability or authorization to access SERS member data, or to assist SERS members. Solutions. Tier 1 – first contributed to TRS or reciprocal retirement system prior to January 1, 2011. Creditable earnings: The employee salary database tracks information on state employees from the current year as well as Fund; Agency; Object of Expenditure; Detail Object; Infrastructure; Education; Medicaid; Pension System; Debt Payments; Late Payment Interest Penalties; Revenues: State Income. Read more. The Illinois Public Salaries Database contains the base and additional pay (such as overtime, sick pay and vacation) for state, municipal, school and other government employees across Illinois. All rights Plan-level data back to 2001 for about 230 major state and local pension plans, covering 95 percent of public pension membership and assets nationwide. Salary information and list of employees for State Retirement System of Illinois. All plans administered by the State of Illinois, including the State Employees Group Insurance Program (SEGIP), the College Insurance Program (CIP), the Teachers’ Retirement Insurance Program (TRIP) and the Local Government Health Plan (LGHP) began Pension System: Firemen's Annuity and Benefit Fund of Chicago: Pension System: Forest Preserve District Employees' Annuity and Benefit Fund of Cook County: Pension System: General Assembly Retirement System: Pension System: Judges Retirement System: Pension System: Laborers' Annuity and Benefit Fund of Chicago: Pension System: Metra Pensions To assure the use of the most current form, SERS recommends not to download blank forms to your computer. If you return to state employment after retirement, you should notify the SERS Claims Division immediately. This website uses cookies to improve your experience while you navigate through the website. 2016-17 - A teacher has a base contract of $33,000. State Employees Retirement System. Veterans Parkway Springfield, IL 62704 Phone: 217-785-7444 Fax: 217-785-7019 Email SERS The Illinois Police Officers' Pension Investment Fund manages the reserves, funds, assets, securities, properties, and money of the police pension funds. 2 . State Employees. For full pension benefits, teachers must reach age 67 with at least ten Illinois House Speaker Emanuel "Chris" Welch wants to vet the state’s underfunded pensions through a budgetary lens as the Legislature looks to close a potentially $3 billion Illinois Public Pensions Database. gov 501 (R-02/24) This form may be used by benefit recipients only when making address or name changes. State Retirement Systems (SRS) srs. Christenson said Illinois is one of the states with the most public pension debt, with a funded ratio of less than 53%. IMRF has grown its assets from $5,000 in 1941 to $42. State of Illinois Highest salary at Teachers' Retirement System of Illinois in year 2023 was $468,573. The Illinois Transparency & Accountability Portal includes information about state employee pay, state agency expenditures, state agency contracts, corporate A pension expert examines 24 funds, including two big ones in Illinois. Statewide; STATE EMPLOYEES RETIREMENT SYSTEM: 290 $ 9,834,433 Teachers' Retirement System of the State of Illinois 2815 West Washington PO Box 19253 Springfield, Illinois 62794-9253 Email: FOIAOfficer@trsil. Lost or Abandoned Pensions. Funding public-employee pension systems is perhaps the most vexing emergency facing Illinois taxpayers. illinois. The National Registry of Unclaimed Retirement Benefits is a nationwide, secure database of retirement plan account balances that have been left unclaimed. From $5. In early June, three changes to the Illinois Pension Code that affect some TRS members were signed into law: A reduction in the “threshold” affecting employer contributions on year-to-year salary increases for a TRS member from 6 percent to 3 percent, if the pay hikes would factor into the calculation of a member’s initial pension. ILLINOIS PUBLIC PENSION FUND ASSOCIATION. The first is to highlight the extent to which the plan’s current unfunded actuarial liability reflects unfunded If you return to state employment on a contractual basis or for the private sector, your SERS benefit will not be affected. Those obligations are outside the scope of this report. As the voice of Illinois’ retired educators, the Illinois Retired Teachers Association (IRTA) defends pension and healthcare protection via its lobbying efforts, advocates for retirees, provides group rate dental and vision insurance among other benefits, and provides travel and entertainment options for its members. An officer age 50 or more with 20 years of creditable service is entitled to a pension equal to 50% of the salary attached to the rank on the police force at the time of retirement (or the average salary From “Pension Benefits of Chicago Workers,” Illinois Policy Institute Website. Contact Agency. 3 billion in benefits to 483,000 retirees and survivors. This sample covers 95 percent of public pension membership and assets nationwide. Veterans Parkway Springfield, IL 62704 Phone: 217-785-7444 Fax: 217-785-7019 Email SERS A CTPF service retirement pension, disability pension, or duty disability pension may be statutorily canceled, under certain circumstances, in accordance with the Illinois Pension Code (40 ILCS 5/17-149 and 149. Our website provides a portal to the web based Annual Statement Filing System and gives you easy access to a variety of information regarding your pension benefits. The BGA’s popular “Pension Database” – which includes information on nearly 500,000 public-sector retirees and survivors receiving benefits from 16 of the largest government pension funds in Illinois – was just updated with 2015 data. 2815 West Washington Street Springfield, Illinois 62702. Facebook; The Illinois State Board of Investment (ISBI or Board) has fiduciary responsibility for managing the pension assets of the General Assembly Retirement System, the Judges' Retirement System of Illinois and the State E mployees' Retirement System of Illinois. Other Benefit Programs. Base earnings and the 9. You and the state of Illinois make contributions to your RSP account on a regular basis. Email Us Welcome to the State Retirement Systems (SRS) of Illinois' website! Our goal is to educate our members about the retirement, disability and death benefits afforded under each System. Ryan. Springfield, IL 62794-9255 217-785-7444 Email: sers@srs. PROJECT The Urban Institute State and Local Employee Pension Plan Database. IRS Federal Tax Forms Request Pension Income Verification. gov Accelerated Total Pension Benefit Payment Fact Sheet (Total Buyout) State Employees’ Retirement System Welcome to the DOI Public Pension Division's website. How Do Teacher Pensions Work in Illinois? In Illinois, teachers are a part of the Teacher's Retirement System of Illinois (TRS). The structural changes provided a dedicated property tax pension levy and a commitment by the state to pay the employer’s normal cost. Box 19255 Springfield, IL 62794-9255 (Digital Signatures are NOT accepted) Change of Information Form 217-785-7444 Email: sers@srs. 6 billion public employee retirement system, serving over 158,000 members and beneficiaries of the states’ agencies and boards. Flu Shots. ) Through their years of employment, they build service credit towards a retirement annuity or pension. search Agencies. 2101 South Veterans Parkway P. org Teachers’ Retirement System. Retired TRS Tier 2 members collect a lifetime monthly retirement benefit. 5) Sec. Since 2014, IMRF’s funding level has been more than double the levels of five Illinois state-funded plans and eight Chicago-funded plans. Back to top. State Retirement System of Illinois average salary is 35 percent lower than USA average and median salary is 94 Chicago Teachers Pension Fund 30568; School District; SERS: SERS is a $15. Veterans Parkway Springfield, IL 62704 Phone: 217-785-7444 Fax: 217-785-7019 Email SERS The FY2023 Budget continues to build on Chicago Teachers Pension Fund (CTPF) funding stability that began in 2017, when the state of Illinois passed structural changes to how CPS was allowed to fund the CTPF pension. Municipal Employees' Annuity & Benefit Fund of Chicago (MEABF) Laborers' & Retirement Board Employees' Annuity & Benefit Fund (LABF) Illinois state employees like you need to get together and work with elected officials to help craft resilient solutions to the public retirement shortfall, so the state won’t be forced to turn to desperate measures: slashing budgets, closing facilities, cutting services, and freezing new hires. Percentage of salary that Social Security More than 19,000 Illinois government retirees receive pensions over $100K. Please Enter Search Criteria. As the voice of Illinois’ retired educators, the Illinois Retired Teachers Association (IRTA) defends pension and healthcare protection via its lobbying efforts, advocates for retirees, provides group rate dental and vision The Monthly Pension Calculator can help you estimate your monthly CTPF pension income at retirement. Box 19255 Springfield, IL 62794-9255 217-785-7444 Email: sers@srs. The payroll deferrals, together with any earnings, accumulate tax-deferred until the employee terminates service, dies, or incurs unforeseeable financial hardship The Pensions section provides a database of names, last employer, retirement date and benefit amount for individuals who have retired from public service, including New York State, New York City, state and regional public authorities, public school districts, and New York's county, city, town and village governments. Learn More. the The Cook County Pension Fund provides pension, disability and other benefits to employees of both Cook County and the Forest Preserve District. Anyone appointed by the Governor to a Check the status of the State Employees' Retirement System of Illinois. Without major reforms, the funds are headed toward insolvency – and For state and local pension plans, visit state government websites or municipality websites and contact the applicable personnel office. Future increases of 3% of your current pension will also be made each January 1 thereafter. "Consultant" means any person or entity retained or employed by the board of a retirement system, pension fund, or investment board to make recommendations in developing an investment strategy, assist with finding appropriate investment advisers, or monitor the board's Tier 2 members in Teachers' Retirement System of the State of Illinois first contributed to TRS on or after Jan. Ms. Related Agencies. The new law affects teachers and administrators who first contrib-ute to TRS on or after Jan. Illinois Department of Insurance 320 W. Teachers' Retirement System of the State of Illinois Location. 5% of their pensionable salary to the Cook County Pension Fund (CCPF). State Universities Retirement System (SURS) PRELIMINARY Actuarial Valuation and Review of Pension Benefits as of June 30, 2024: PRELIMINARY TRS Fiscal Year 2026 State Funding Certification: August 2024: Teachers' Retirement System of the State of Illinois Location. UPDATED 1/10/25 AT 9:05 PM State Employees’ Retirement System 2101 South Veterans Parkway P. The average six-figure retiree contributed just over $160,000 toward their own pension over the course of their career. Back to top State Sen. Site Management Siren Email Batch Submit Public Over 140,000 Illinois government workers and retirees took in more than $100,000 in salaries or pensions in 2023, according to data collected by Wirepoints via FOIA. These pension increases are not limited by the 75% maximum. 1-101. SERS@srs. ; certain retirement payments made directly to retired partners reported on federal Form 1040 or 1040-SR, Schedule 1, Line 5. Illinois (SERS). The first is to highlight the extent to which the plan’s current unfunded actuarial liability reflects unfunded Our current pension system dates back to 1941, when the General Assembly established the Judges Retirement System (JRS) “for the purpose of securing the payment of annuities and benefits as prescribed [by Article 18 of the Illinois Pension Code’. 5. Tier 1 Retirement. B. Data See More If you retire before age 67 with a reduced retirement benefit, you will receive a pension increase of 3% or one-half of the Consumer Price Index for the preceding calendar year, whichever is less, every January 1 after you turn age 67 and have been retired at least one full year. Our database reports the detailed formulas and other rules that states and municipalities use to compute retirement benefits for public-sector employees. Cook County employees contribute 8. News. Consultant. Average annual salary was $82,409 and median salary was $71,237. The System's enabling legislation is in the Illinois Pension Code at 40 ILCS 5/16-101 [3] See your state's overall financial condition. Stay in Touch. Tier 1 members in Teachers' Retirement System of the State of Illinois first contributed to TRS before Jan. The Government Pension Offset (GPO) may reduce your Social Security benefit based on your spouse’s record. Dec 8, 2024 Amends the Illinois Pension Code. Washington St. Participation in the State Universities Retirement System (SURS) is mandatory if you are eligible. gov with questions. On July 3, 2014, the Illinois Supreme Court ruled that the state retirees' health insurance is a pension benefit that cannot be diminished or impaired by the Illinois General Assembly. Each year, the state is required to make contributions to its statutory pension systems: State Employees' Retirement System (SERS), State Universities Retirement System (SURS), Judges' Retirement System (JRS), General Assembly Retirement System (GARS) and Teachers' Retirement System (TRS). Our members manage over Welcome to the State Retirement Systems (SRS) of Illinois' website! Our goal is to educate our members about the retirement, disability and death benefits afforded under each System. These forms can now be completed online if you have Adobe Reader 5. 2 percent of her expected lifetime benefits. " Pension Actuarial Valuations Pending Received. State Retirement Systems. gov srs. 8 billion in 2012, the payments were on a path to hit more than $10 billion this year, on their way to $19 billion by 2045. gov (217) 785-7444. Our goals are to ensure Pension Fund integrity and to educate participants about retirement and disability benefits. We also have improved the site’s navigation to View All Services. Filing Management Filing Extension Late Filing Notice Document Submission Review Document Library Permissions. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. Makes changes to Tier 2 benefits, including changing the amount of the automatic annual increase to 3% of the originally granted retirement annuity or Illinois House Speaker Chris Welch wants to vet the state’s underfunded pensions through a budgetary lens as the legislature looks to close a potentially $3 billion deficit for the In 2017 the 17 major government retirement funds in Illinois will collectively pay $17. The 2002 Early Retirement Incentive participants may not return on a contractual basis. Footer. 0. Z. (40 ILCS 5/1-101. Clair County, near St. Tier 2 – first contributed to TRS or reciprocal retirement system prior on or after January 1, 2011. Benefit Estimator; Sirens; ReportsOrders; Forms; References; FAQ; Contact; Pension Data; Footer. gov State Retirement Systems WHAt iS tHe MeMbeR SeRviceS WebSite? The SRS Member Services website allows users to quickly manage their accounts online by providing account infor- Two judges - one from Cook County and the other from St. Visit our Site. Box 2710 Champaign, IL 61825-2710 Phone: 800-275-7877 TDD: 800-526-0844 surs. SERS provides retirement benefits for state employees. Tier 1 Member Guide. 1 or newer. UPDATED 1/10/25 AT 9:05 PM This legislation, passed with bipartisan support, repeals the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO), which reduce or eliminate Social Security benefits for Teachers' Retirement System of the State of Illinois Location. Retired TRS Tier 1 members collect a lifetime monthly retirement benefit. 00: Not provided: Edmiston, Jennifer: Executive II: 2101 S. The sponsor of the scheme (e. Investigations. Veterans Parkway Springfield, IL 62704 Phone: 217-782-8500 Fax: 217-524-9039 Email JRS Email GARS. Email. Final Average Salary state or local government deferred compensation plans reported on federal Form 1040 or 1040-SR, Line 1z and 5b. To be eligible for a TRS retirement annuity, the Illinois Pension Code requires you to terminate active service as a teacher. SERS oversees efficient administration of retirement, disability, survivors’, death, If you retire before age 67 with a reduced retirement benefit, you will receive a pension increase of 3% or one-half of the Consumer Price Index for the preceding calendar year, whichever is less, every January 1 after you turn age 67 and have been retired at least one full year. The total reflects the June 30 funding position of the state's five RETIREMENT SYSTEM OF ILLINOIS A Pension Trust Fund of the State of Illinois ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2021 STATE EMPLOYEES’ RETIREMENT SYSTEM OF ILLINOIS 2101 South Veterans Parkway P. Illinois Department of Insurance 115 S. retirement bonds; state and local government deferred compensation plans; a government retirement or government disability plan, including military plans; railroad retirement income; Illinois’ state pension debt grew by $2. Plan-level data back to 2001 for about 230 major state and local pension plans, covering 95 percent of public pension membership and assets nationwide. The System's enabling legislation is in the Illinois Pension Code at 40 ILCS 5/16-101 [3] A growing number of retirement savers are forgetting about their old 401(k) accounts with former employers. Illinois Office of Comptroller's Electronic Earnings Statement. In December 2019, Illinois Gov. Find a Report; or Illinois State Officer are ineligible for a MyPayStub account. gov. 1, 2011 and without any previous service credit with a pension system that has reciprocal rights with TRS. Tier 1. il. 7 billion in 2019, and it is the second A pension (/ ˈ p ɛ n ʃ ən /; from Latin pensiō 'payment') is a fund into which amounts are paid regularly during an individual's working career, and from which periodic payments are made to support the person's retirement from work. (Sheriff’s Police contribute 9%. gov Retirement Application FAQs State Employees’ Retirement System See your state's overall financial condition. O. ; NOTE: Your beneficiary share of If you live in Illinois, chances are also strong that you live in a town with poorly funded police and fire pension funds. Illinois’ current unfunded state government pension liabilities total approximately $200 billion under Moody’s Investors Service’s new methodology. Social Links. Future increases are not limited by the provision in the Illinois Pension GASB 68 Actuary Report Report on Allocation of Pension Amounts THIS Fund Audits & Allocations Employer Bulletins & Emails. S. Alabama; Alaska; Arizona; Arkansas; California; Colorado; Connecticut; Delaware; District of Columbia 2101 S. See also: Public pensions in Illinois The Illinois Judges' Retirement System (JRS) is a Illinois state pension fund that provides retirement, disability, and survivor benefits to the state's judges and associate judges of any court, including the director of the Administrative Office of Illinois Courts if the director had previously established JRS membership as a judge. We’ve recently updated the database to highlight how much is being spent in base salaries and now also extra pay. Tier II Benefits . 0 percent retirement contribution are paid from Title 1. 1, 2011. Illinois Answers Project. You must report changes in your TRS benefits (such as your Teachers' Retirement System of the State of Illinois Location. 1040 or 1040-SR, “Downstate” Police Pensions Under Article 3 . TRS administers retirement annuities, disability and survivor benefits as provided in Illinois Pension Code 40 ILCS 5/16 for over 448,000 members, Illinois’ five pension plans for state employees remained poorly financed, even though state contributions to them were increasing sharply. Charles Police Pension Fund; State Employees Retirement System; Steger In 2009 the IPPFA became the primary education provider for public pension fund trustees in the state of Illinois. It covers units of government. Her direct contributionswill cover just 6. The secure session will automatically end after 20 minutes of inactivity. Donate; Donate Menu About Pension System Funding. The Pension Database, which includes names and payouts for public-sector retirees in Illinois. Pritzker signed into law the consolidation of the municipal police and fire pension plans outside the city of Chicago into the two pension investment funds The SURS Portable Pension Plan is a Defined Benefit retirement plan that has much in common with the Traditional Pension Plan. SURS Deferred Compensation See how much State Employees Retirement System employees earn at State of Illinois. Stay Informed. An employee’s years of service and total contributions are considered in the calculation of the member’s retirement benefit. 0 percent retirement contributions for full-time teachers. © 2025 ILLINOIS COMPTROLLER'S OFFICE. UPDATED 1/10/25 AT 9:05 PM In early June, three changes to the Illinois Pension Code that affect some TRS members were signed into law: A reduction in the “threshold” affecting employer contributions on year-to-year salary increases for a TRS member from 6 percent to 3 percent, if the pay hikes would factor into the calculation of a member’s initial pension. Retirement Income Page 2 of 3 PU-120 R-0424 Contents What must I attach to my Form IL-1040 when I subtract retirement income on Line 5? You must attach a copy of your U. O. Louis - have partnered in a lawsuit to potentially take down the state's so-called Tier 2 pension law, a key pension reform measure they say As a State of Illinois Employee, you will receive a robust benefit package that includes the following: A Pension Program; Competitive Group Insurance Benefits including Health, Life, Dental and Vision Insurance; 3 Paid Personal Business Days annually; 12 Paid Sick Days annually (Sick days carry over from year to year) New Jersey Transparency Center - Pension data is published for both active and retired members of the Public Employees' Retirement System, Teachers' Pension and Annuity Fund, Police and Fireman's Retirement System, State Police Retirement System, Judicial Retirement System, Consolidated Police and Firemen's Pension Fund, and Prison Officers' Pension Fund. Number of employees at Teachers' Retirement System of Illinois in year 2023 was 429. Data See More More than 19,000 Illinois government retirees receive pensions over $100K. State Universities Retirement System (SURS) surs. Explore pension data from the largest public-sector pension funds in Illinois. Retirees. 2101 S. On December 18, 2019, Illinois Governor JB Pritzker signed into law Public Act 101-0610, which provided for the mandatory consolidation of the investment assets of the State’s public safety pension funds into two consolidated investment funds – one for police pension funds (Article 3 Funds) and one for firefighter pension funds (Article 4 Funds), effective January 1, 2020. The system was established in 1939 and is the largest public retirement system in the state. Salary database for year 2023. With the RSP, you have choices to match your retirement goals and investment style. Show 2025 IPPFA Illinois Pension Conference May 7- 9, 2025 Eagle Ridge Resort, Galena, IL Read More 2025 IPPFA MidAmerican Pension Conference October 1 -2 Oak Brook Hills Resort Read More Survey shows most first responders have post-retirement careers The results of a new survey conducted by the Illinois Public Pension Fund Association (IPPFA) indicate the majority State Employees’ Retirement System 2101 South Veterans Parkway P. By collecting data from the largest public pension systems in the state and centralizing it into Created by the Illinois General Assembly in 1939, the Teachers’ Retirement System of the State of Illinois (TRS) provides retirement, disability and death benefits for certified teachers and administrators in public common and charter school districts located outside of Chicago. To visit any BGA database, click here. All rights reserved. LaSalle Street, 13th Floor Chicago, IL 60603 (312) 814-2420. org . Skip to Main Content The Article 3 October and November Monthly Reports are now available. Chicago, IL 60605-1000 General: 312-604-1400 Members: 312-641-4464 Fax: 312-641-7185. Once the form is filled out, please print it (sign the form if necessary) and mail to SERS Christenson said Illinois is one of the states with the most public pension debt, with a funded ratio of less than 53%. Retirement Systems. Box 19255 Springfield, IL 62794-9255 Phone: 217-785-7444 TDD: 217-785-7218 state. Veterans Parkway Springfield, IL 62704 Phone: 217-785-7444 Fax: 217-785-7019 Email SERS In 2017 the 17 major government retirement funds in Illinois will collectively pay $17. Service Credit x Formula Factor x Final Average Salary (FAS) = Annual Pension; Two Tiers within System. Facebook; Twitter; Youtube; State of Illinois Deferred Compensation Plan ("Plan") Dental. 6 billion between fiscal years 2022 and 2023, the Teachers’ Retirement System, State Employees’ Retirement System and State Universities 2101 S. Employees covered: All persons entering State service unless the position is subject to membership in another State-supported system. The BGA’s related “Pension Outlook Database” – which includes information on more than 500,000 current and former government The Illinois State Board of Investment (ISBI or Board) has fiduciary responsibility for managing the pension assets of the General Assembly Retirement System, the Judges' Retirement System of Illinois and the State E mployees' Retirement System of Illinois. The Employee Database tracks salary information on state employees from the current year as well as previous years. Printed by authority of the State of Illinois, Web only, one copy. The Illinois General Assembly created the Teachers’ Retirement System of the State of Illinois (TRS or the System) in 1939 for the purpose of providing retirement annuities, and disability and survivor benefits for educators employed in public schools outside the city of Chicago. THE PROBLEM Illinois’ five state-run pension funds are more than $100 billion in debt, according to official state numbers. Vision. The Pension Outlook Database, Database, which includes financial, personnel and legal information on hundreds of public school systems around the state. An officer age 50 or more with 20 years of creditable service is entitled to a pension equal to 50% of the salary attached to the rank on the police force at the time of retirement (or the average salary Deferred Compensation The State of Illinois Deferred Compensation Plan (“Plan”) is an optional 457(b) retirement plan open to all State employees. The Acturial Report is available under Comprehensive Annual Financial Report. SERS oversees efficient administration of retirement, disability, survivors’, death, and refund benefits District A is obligated per a negotiated agreement to pay the 9. Phone (877) 927-5877. Please contact the Illinois Department of Insurance Public Pension Division at DOI. The system provides a defined benefit (DB) pension, a retirement plan that typically offers a modest but stable monthly retirement income that lasts the remainder of a retiree’s life. There are also significant other post employment benefits (OPEB) obligations for the State of Illinois and many local governments across Illinois, mostly for retiree healthcare. A common way to judge pension fund health is by its funding ratio, that is, take its assets (how much Springfield, IL 62794-9255 State Employee’s Retirement System of Illinois General Assembly Retirement System Judges’ Retirement System of Illinois srs. The University of Illinois Supplemental 403(b), the State of Illinois 457 Deferred Compensation, and the SURS 457 Deferred Compensation plans offer additional savings opportunities. Retirement FAQs. gov Fax: 217-524-6975 srs. January 8, 2025. specifically on the five State of Illinois pension funds3 and ten large Chicago-area pension funds. State Employees’ Retirement System of . CCPF is administered by a Board of Trustees called the 2101 S. Offices. The Illinois Transparency & Accountability Portal web site is presented to the citizens of Illinois as a single point of reference to review how their tax dollars are being spent to support state government programs. Alabama; Alaska; Arizona; Arkansas; California; Colorado; Connecticut; Delaware; District of Columbia Pension Reports Financial Condition of the State Retirement Systems Chicago, Cook County and Illinois Municipal Retirement Fund Downstate Police and Fire Analysis of a Statewide Investment Pool for Downstate Police and Fire Pension Funds November Special Pension Briefings Alternative Retirement Cancellation Payment Programs Board of Trustees of River Forest Police Pension Fund and The Village of River Forest 2022 IL APP (1st) 210835, Opinion filed March 31, 2022, do not rely on this calculator for this particular type of benefit. TRS is governed by a 15-member Board of Trustees. Retirement age requirements for Illinois teachers accommodate varying career lengths and goals. TIER 1—PENSION WITH 20 YEARS OF SERVICE. Life Insurance. 4. Password. Facebook; Twitter; Youtube; IL: Chicago Laborers: IL: Chicago Municipal Employees: IL: Chicago Police: IL: Chicago Public School Teachers Pension and Retirement Fund: IL: Cook County Employees: IL: Illinois Municipal Retirement Fund: IL: Illinois State Retirement Systems: IL: Illinois State Universities Retirement System: IL: Illinois Teachers Retirement System: IN Illinois Public Pensions Database. Subsequently, the Supreme Court ruled that the Pension Reform Act was unconstitutional and that the pension benefits as provided by statute cannot be diminished or impaired. While the County Fund and the Forest Fund are separate entities, the benefits provided to Cook County employees and Forest Preserve District employees are the same. SERS: SERS is a $15. Fund Management Dissolve Fund Repair Filing Status. The Illinois Policy Institute estimates Legacy Pension Debt Report: Illinois State Employees Retirement System This goal of this report on the Illinois State Employees Retirement System is twofold. Stay in Legacy Pension Debt Report: Illinois State Employees Retirement System This goal of this report on the Illinois State Employees Retirement System is twofold. MEDICARE REQUIREMENTS. By collecting data from the largest public pension systems in the state and centralizing it into our new Illinois Public Pensions Database, the Better Government Association aims to bring greater clarity to this important topic. A pension may be: a "defined benefit plan", where defined periodic payments are made in retirement. 1, 2011 or have pre-existing creditable service with a reciprocal pension system prior to Jan. Robert Martwick, the bill’s chief sponsor, has long maintained that Illinois’ two-tiered pension system created in 2011 violates the Social Security Administration’s so-called Retirement Benefit Formula. “That's a huge, huge problem and basically the taxpayers are going to have to come up with $144 billion sometime pension system prior to 2011, even if they left TRS or a reciprocal pension system at any time and then returned to a TRS-covered position. Register Today: CTPF Winter Town Hall Webinar. 1, 2011 and have no pre-existing creditable service with a reciprocal pension system prior to Jan. Veterans Parkway Springfield, IL 62704 Phone: 217-785-7444 Fax: 217-785-7019 Email SERS © 2025 ILLINOIS COMPTROLLER'S OFFICE. ; certain capital gains on employer securities reported on federal Form 1040 or 1040-SR, Line 7. They should contact their payroll officer for payroll information or visit DoIT's ePASS website. ” 40 ILCS 5/18-101 (West 2016). Compare funding, liability, and beneficiary records from 2012 to present. That’s more than a 50% jump since Open the Books Illinois Compiled Statutes Table of Contents. Contact Us Salary Database; Accounts Payable Statement; Find a Report. Box 19255 Springfield, Illinois 62794-9255 Prepared by the Accounting Division Printed by Authority of the State of Police and/or Fire Departments of the following municipalities are members of the Illinois Public Pension Fund Association St. "The results paint an unflattering portrait of the stewardship of public pension funds in the United States. In addition, he is the basketball coach and earns $2,000. 4 million in pension benefits during her retirement Yet she contributed just $147,032 to the pension system over her 30-plus year career. The purpose of the Act is to ensure full and continuous pension credit for service in public employment in the State of Illinois, If my wife and I both receive a state pension from SERS and one of us dies, Illinois' adjusted net pension liability will total $317 billion for the current year, according to Moody's Investors Service. See if your retirement is at risk and help find solutions to Illinois's public pension debt! Illinois should expand this plan to all five of its state pension systems as a new “Tier 4” or “Flexible Choice Plan” that employees can pick for more control over their retirement finances. paf zcovmf ibc wzkg ftkrix tjxxodd seqeo lxvmr xlene kjgqwqcl