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Union Works 

Engage, Educate, Empower: The Heart of our Union

Changes to the Illinois Pension Code

6/27/2018

 
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.
  • A new law requires TRS to offer all eligible inactive members a chance for a one-time, irrevocable “accelerated pension benefit payment” in return for giving up any future claim to a TRS benefit.
  • A new law requires TRS to offer all retiring Tier 1 members a chance for a one-time, irrevocable change in the automatic annual increase to their TRS pensions, along with an “accelerated pension benefit payment.”
Implementation of these new laws will take time. The statute says TRS must implement the law “as soon as practical,” and is in the process of developing the IT systems and protocols necessary to administer these acts.
We cannot answer all questions at this time regarding any effect these laws will have on any member’s TRS benefits.

Here’s what we know: READ MORE . . .


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    Strength in unity, power in solidarity.


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    Editor:

    Lannette Story

    Local 434 Teachers' Council Secretary. Educator in District #201 since 2012.

    Contributors:

    Lucas Spriggs
    Lucas Spriggs is the author of the Union Works newsletter, which includes posts in three series: "Get Organized," "Get Represented," and "Get Informed."

    ​Ashley Mims
    Local 434 Teachers' Council President, former Secretary/PR Chair. Educator in District #201 since 2011.

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  • Home
  • About
  • Executive Board
  • Blog
  • Giving
  • For Members
    • Documents
  • How Unions Work
  • More
    • Financial
    • Newsletter
    • FAQ's
    • Executive Council Guide
    • Links >
      • IFT Member Benefits
      • Landrum-Griffin Act (LMRDA)
      • Facebook Group
      • AFT Member Benefits
      • Know Your Legislators
      • Board of Education
      • District Main Page
      • Contact Your Legislators