TRS among worst performing public pension funds

By Dylan Sharkey

08/26/2022

Pension expert Richard Ennis analyzed public pension performance of 24 funds, finding the Teachers’ Retirement System of Illinois among the worst after underperforming for 10 years.

TAGS: Amendment 1, pensions, TRS: Teachers’ Retirement System

Former Hinsdale superintendent collecting $315k pension

03/06/2020

The former leader of a wealthy school district is receiving a massive pension boosted by a pair of 20% raises given during her final two years. Illinois needs pension reform.

TAGS: Clarendon Hills, Community Consolidated School District 181, Hinsdale, IEA-NEA: Illinois Education Association, Mary Curley, pension spiking, pensions, property taxes, TRS: Teachers’ Retirement System

The 1%: Illinois’ pension millionaires

By Austin Berg

01/23/2020

More than 129,000 Illinois public pensioners will see expected payouts of $1 million or more during retirement.

TAGS: 401(k), government unions, ILGA: Illinois General Assembly, Illinois, JRS: Judges’ Retirement System, pension guarantee, pensions, private sector, public sector, SERS: State Employee Retirement System, Social Security, Springfield, SURS: State Universities Retirement System, TRS: Teachers’ Retirement System

Illinois pensions 101: Paltry contributions yield million-dollar payouts

01/17/2020

Across all five state retirement systems, typical career workers pay for about 5% of the cost of their pension benefits. They receive an average of $1.7 million to $3.6 million.

TAGS: Edgar Ramp, firefighter pensions, GARS: General Assembly Retirement System, government employees, government services, government unions, government workers, IEA-NEA: Illinois Education Association, IFT: Illinois Federation of Teachers, ILGA: Illinois General Assembly, Illinois, Illinois Constitution, Jim Edgar, JRS: Judges’ Retirement System, municipal government, municipal pensions, pension guarantee, pensions, police pensions, public sector, retirement age, Rod Blagojevich, SERS: State Employee Retirement System, Social Security, social services, Springfield, SURS: State Universities Retirement System, tax hikes, tax increase, TRS: Teachers’ Retirement System

Senate President John Cullerton set to collect $2M pension

By Austin Berg

11/27/2019

Due to a pension sweetener available only to veteran Illinois lawmakers, Cullerton’s annual pension will soon be more than he ever made from his Statehouse salary.

TAGS: Chicago, Emil Jones, ILGA: Illinois General Assembly, Illinois, Illinois Senate, John Cullerton, Mike Madigan, SERS: State Employee Retirement System, Springfield, tax hikes, teacher salaries, TRS: Teachers’ Retirement System

Illinois pension buyout program delivers just 3% of projected savings

By Vincent Caruso

07/29/2019

A plan that allowed some pension enrollees to cash in early on their earned retirement benefits in exchange for curbing future benefits has so far generated only 3% of its expected savings.

TAGS: municipal pensions, pension guarantee, pensions, property taxes, SERS: State Employee Retirement System, SURS: State Universities Retirement System, taxes, TRS: Teachers’ Retirement System

Illinois Supreme Court: Union lobbyist can double pension for one day of teaching

By Vincent Caruso

04/05/2019

Illinois’ high court ruled a former union employee who worked a single day in the classroom is eligible to receive a decade’s worth of teacher pension benefits.

TAGS: Illinois Supreme Court, income tax, municipal pensions, pension guarantee, pensions, progressive income tax, SERS: State Employee Retirement System, taxes, TRS: Teachers’ Retirement System

Illinois teacher pension fund slams Pritzker’s borrow, delay plan

03/28/2019

The Teachers’ Retirement System pension fund board opposed Illinois Gov. J.B. Pritzker’s plan to repeat past mistakes. Here’s why they are right to oppose it.

TAGS: JB Pritzker, municipal pensions, pension guarantee, pensions, taxes, TRS: Teachers’ Retirement System

Illinois state and local governments spend most in nation on pensions

02/22/2019

According to recent data, Illinois spends nearly double the national average on pensions, measured as a percentage of all state and local government spending.

TAGS: GARS: General Assembly Retirement System, JRS: Judges’ Retirement System, municipal pensions, pension guarantee, pensions, property taxes, SERS: State Employee Retirement System, SURS: State Universities Retirement System, taxes, TRS: Teachers’ Retirement System

More than 19,000 Illinois government retirees receive pensions over $100K

By Janelle Cammenga

11/21/2018

The average six-figure retiree contributed just over $160,000 toward their own pension over the course of their career.

TAGS: GARS: General Assembly Retirement System, IMRF: Illinois Municipal Retirement Fund, municipal pensions, pension guarantee, pensions, property taxes, SERS: State Employee Retirement System, SURS: State Universities Retirement System, taxes, TRS: Teachers’ Retirement System