https://www.illinoisefr.org/who-we-are daily 0.75 2022-06-07 https://images.squarespace-cdn.com/content/v1/627abcd5fc9cb1695928128c/36b9c48a-cd30-47b2-90ab-e39afc80ad0e/TRU-logo-lockup.jpg Who We Are - Learn more about our advisors at TRU. https://images.squarespace-cdn.com/content/v1/627abcd5fc9cb1695928128c/1654195749205-1ASTMYM4SDQSFC1H6HF2/Erica_Abangan.jpg Who We Are https://images.squarespace-cdn.com/content/v1/627abcd5fc9cb1695928128c/1654195988353-7R21JGET128IDEIDXT62/Karen_Dannenhauer.jpg Who We Are https://images.squarespace-cdn.com/content/v1/627abcd5fc9cb1695928128c/1654196059832-50WE551EZ2FZN5752Y5I/Shayla_Ewing.jpg Who We Are https://images.squarespace-cdn.com/content/v1/627abcd5fc9cb1695928128c/1654196214421-92V0M4G1POHK9SV4PY7U/Jay_Mehta.jpg Who We Are https://images.squarespace-cdn.com/content/v1/627abcd5fc9cb1695928128c/1654196270659-BK143Y3X6CWEKLOR4SZK/Jill_Miesner.jpg Who We Are https://images.squarespace-cdn.com/content/v1/627abcd5fc9cb1695928128c/1654196328464-4MJ223HN5Y9GZPEC18FS/Maggie_Moore.JPG Who We Are https://images.squarespace-cdn.com/content/v1/627abcd5fc9cb1695928128c/1654196379496-ABLIEIFURF3F4N11W3ZK/Weston_Peno.jpg Who We Are https://images.squarespace-cdn.com/content/v1/627abcd5fc9cb1695928128c/1654196436203-0YD9QWM70PLDZZ522VWG/William_Reed.jpg Who We Are https://images.squarespace-cdn.com/content/v1/627abcd5fc9cb1695928128c/1654196477402-Y17P1E3IU4NBII1ECFJT/Patricia_Woods.jpg Who We Are https://www.illinoisefr.org/our-principles daily 0.75 2022-06-02 https://images.squarespace-cdn.com/content/v1/627abcd5fc9cb1695928128c/8628b6dc-410d-4006-a703-ee2aa095b280/unsplash-image-WC7KIHo13Fc.jpg Our Principles for a fair retirement for all Illinois educators - Principles that Should Govern Illinois Teacher Retirement Benefits Fairness Portability Education Sustainability https://images.squarespace-cdn.com/content/v1/627abcd5fc9cb1695928128c/1652996486102-049W1F8BOIPQXZ9KHATB/unsplash-image-gsRi9cWCIB0.jpg Our Principles for a fair retirement for all Illinois educators - Portability Teachers should have the ability to keep the retirement income they’ve earned throughout their careers, no matter where they teach or for how long. https://images.squarespace-cdn.com/content/v1/627abcd5fc9cb1695928128c/1652996348233-JGVUM75WDBAZFU6UOHGW/unsplash-image-xHaZ5BW9AY0.jpg Our Principles for a fair retirement for all Illinois educators - Fairness The retirement system should treat all teachers fairly, providing a pathway to a secure retirement for teachers regardless of tier or teacher demographics. https://images.squarespace-cdn.com/content/v1/627abcd5fc9cb1695928128c/1652996688872-0V9O5YODHU8V6EULXTXC/unsplash-image-NpyF7rjqmq4.jpg Our Principles for a fair retirement for all Illinois educators - Education Teachers should have easy access to the information they need to understand their retirement system and to be able to make informed decisions about their financial future. https://images.squarespace-cdn.com/content/v1/627abcd5fc9cb1695928128c/1652997082961-US1K6N3UBC6QXZKDS1QL/unsplash-image-o_lLsdVTxak.jpg Our Principles for a fair retirement for all Illinois educators - Sustainability Teachers and all other stakeholders including taxpayers should have confidence that the retirement system is financially sustainable and that promises that have been made for retirement benefits will be kept. https://www.illinoisefr.org/what-you-need-to-know daily 0.75 2022-08-26 https://images.squarespace-cdn.com/content/v1/627abcd5fc9cb1695928128c/af7f0d14-31dd-437b-a156-ae4bcfb29961/On-going+Graphic+Sharable+6.jpg What you need to know about TRS and your benefits - Someone should tell new teachers entering TRS that they only have a 50/50 chance of actually earning any benefits that would put them on a path to retirement income security. https://images.squarespace-cdn.com/content/v1/627abcd5fc9cb1695928128c/d52253e3-9c69-4908-87bc-57cc3ae85d20/On-going+Graphic+Sharable+3.png What you need to know about TRS and your benefits - For an Illinois teacher hired at age 25 who will work 35 years as a teacher, the lifetime monetary value of a Tier 1 pension is around $1.3 million. If you were hired after [X Date] and are enrolled in Tier 2, the value is only about $640,000. Why are Illinois teachers being denied equal compensation for equal work? Learn more and sign our open letter: https://images.squarespace-cdn.com/content/v1/627abcd5fc9cb1695928128c/30201b5d-40d7-493f-944d-beb6fc76eff1/On-going+Graphic+Sharable+8.jpg What you need to know about TRS and your benefits - TRS estimates that over 25 years a Tier 1 teacher who retires with a $50k pension will see that grow to $100k, due to the 3% COLA rule. But a Tier 2 teacher is likely only going to see that grow to around $60k. These are numbers from the TRS actuary. Illinois legislative leaders passed Tier 2 benefits without almost any public debate. And now an entire generation of teachers is getting stuck in a retirement income gap. https://images.squarespace-cdn.com/content/v1/627abcd5fc9cb1695928128c/3aadccb5-ffb0-474f-886b-d53837d3d585/On-going+Graphic+Sharable+7.jpg What you need to know about TRS and your benefits - Is this really a retirement plan for all teachers? Illinois needs retirement benefits that work for all teachers. https://images.squarespace-cdn.com/content/v1/627abcd5fc9cb1695928128c/6548e152-33ca-4028-90fc-4804b87e40f8/On-going+Graphic+Sharable+5.jpg What you need to know about TRS and your benefits - Over the past decade Tier 2 COLA rates have not keep pace with inflation and have been three times less than inflation adjustments for Tier 1. At a time when costs are climbing higher, can we trust that teachers retiring with Tier 2 benefits are going to be able to keep up? It’s time we demand more. https://images.squarespace-cdn.com/content/v1/627abcd5fc9cb1695928128c/27ba0ae2-c3a5-470d-90f0-408f9b0fc477/On-going+Graphic+Sharable+9.jpg What you need to know about TRS and your benefits - Why are TRSIL Tier 2 teachers being forced to make contributions into the pension fund to pay down the unfunded liability for Tier 1 benefits? https://images.squarespace-cdn.com/content/v1/627abcd5fc9cb1695928128c/7b4396b6-5448-473b-ac5f-ee09f70081d4/On-going+Graphic+Sharable+1.jpg What you need to know about TRS and your benefits - In its own 2021 valuation report, TRSIL stated that Tier 2 benefits would lose value in retirement, while tier 1 benefits would keep pace with inflation. Join us to close the IL Teacher Retirement Income Gap https://images.squarespace-cdn.com/content/v1/627abcd5fc9cb1695928128c/40df446f-7956-42db-b0c4-e4ed77d45551/On-going+Graphic+Sharable+2.jpg What you need to know about TRS and your benefits - Almost 15% of TRSIL Tier 2 member contributions are going to pay for the $78 billion funding shortfall that is primarily accumulated on Tier 1 teacher benefits. While Teachers enrolled in TRSIL Tier 2 are paying for the pension debt on Tier 1 benefits, they will receive retirement income with less than half the value of Tier 1 teachers. That doesn’t seem fair. Add your name to our open letter and let’s fix IL teacher’s retirement benefits together: https://images.squarespace-cdn.com/content/v1/627abcd5fc9cb1695928128c/f65ae533-c48c-4a11-9d34-8a9023d71022/On-going+Graphic+Sharable+10.jpg What you need to know about TRS and your benefits - Illinois needs to do more to ensure its retirement systems are properly funded, both for Chicago and the rest of the state. https://www.illinoisefr.org/retirement-resources daily 0.75 2022-06-07 https://images.squarespace-cdn.com/content/v1/627abcd5fc9cb1695928128c/503a2c8f-b195-4c08-9ff2-a6b0a6ce4c82/unsplash-image-SRP5wl4Ak88.jpg Retirement Resources - Chicago TPF Are you a Chicago teacher with questions about your personal benefits? https://images.squarespace-cdn.com/content/v1/627abcd5fc9cb1695928128c/35209fe5-eaee-4c54-bd32-b33de325477b/Screen+Shot+2022-06-07+at+5.01.29+PM.png Retirement Resources - Chicago TPF Tier 2 Retirement Security Scorecard Knowledge is power. Learn more about what you can expect from your retirement benefits with this interactive scorecard. https://images.squarespace-cdn.com/content/v1/627abcd5fc9cb1695928128c/85562afe-4b5a-4b2c-b0f2-489353d71284/Screen+Shot+2022-06-07+at+5.00.14+PM.png Retirement Resources - Chicago TPF Tier 1 Retirement Security Scorecard Are your retirement benefits on track for your goals? Read and download your customizable scorecard. https://images.squarespace-cdn.com/content/v1/627abcd5fc9cb1695928128c/52d31c57-7bfc-4c49-9f93-5ca4fd4b9ed4/Pension.jpg Retirement Resources - Pension Benefit Calculator Not sure what you can expect in retirement? Use this pension benefit calculator to estimate how much your benefits may be worth. https://images.squarespace-cdn.com/content/v1/627abcd5fc9cb1695928128c/7f1787db-5232-4c06-b570-b3ad83396627/TRU-logo-lockup-3%5B1512%5D.jpg Retirement Resources - Teacher Retirement U Interested in learning how your pension works? Explore the digital retirement curriculum below. https://images.squarespace-cdn.com/content/v1/627abcd5fc9cb1695928128c/1654635882342-KLTNEW4625BXTL1GBUAK/unsplash-image-T2gyvHmkS98.jpg Retirement Resources - Illinois TRS Have questions about your specific retirement account and other post-career benefits? https://images.squarespace-cdn.com/content/v1/627abcd5fc9cb1695928128c/1d440766-efd7-4cde-8c1a-7c5ce76ef681/Screen+Shot+2022-06-07+at+4.58.27+PM.png Retirement Resources - Illinois TRS Tier 2 Retirement Security Scorecard Learn more about the value and quality of your benefits with this interactive scorecard. Take Me There https://images.squarespace-cdn.com/content/v1/627abcd5fc9cb1695928128c/25e51871-8d78-430d-9a79-e7c327238518/Screen+Shot+2022-06-07+at+4.56.22+PM.png Retirement Resources - Illinois TRS Tier 1 Retirement Security Scorecard Checkout this interactive scorecard to learn more about how your TRS benefits are serving you. https://www.illinoisefr.org/home daily 1.0 2022-08-26 https://images.squarespace-cdn.com/content/v1/627abcd5fc9cb1695928128c/474f8767-74dc-4199-b937-b127ded81d09/Big+IEFR+logo.png Home Who wants to work for nine years in a profession and have no retirement benefits to show for it? The vast majority of teachers who are relegated to Tier 2 retirement packages face a future that promises inadequate retirement benefits, no access to Social Security, and the very real possibility of needing low-income assistance in retirement. https://images.squarespace-cdn.com/content/v1/627abcd5fc9cb1695928128c/e7a90c81-20b8-42fc-9c2c-1465242c641a/On-going+Graphic+Sharable+3.png Home - For an Illinois teacher hired at age 25 who will work 35 years in the classroom, the lifetime monetary value of a Tier 1 pension is around $1.3 million. If you were hired after January 1, 2011 and enrolled in Tier 2, the value of a pension after 35 years of teaching is only about $640,000. Why are Illinois teachers being denied equal compensation for equal work? https://images.squarespace-cdn.com/content/v1/627abcd5fc9cb1695928128c/30201b5d-40d7-493f-944d-beb6fc76eff1/On-going+Graphic+Sharable+8.jpg Home - Retired teachers with Tier 2 benefits are not going to see their pensions keep up with inflation. But pension benefits for Tier 1 teachers will. TRS actuaries say that a Tier 1 teacher who retires with a $50k pension will see that grow to $100k over 25 years, due to the 3% COLA rule. But a Tier 2 teacher is likely only going to see a $50k pension that grow to around $60k. https://images.squarespace-cdn.com/content/v1/627abcd5fc9cb1695928128c/466d80ed-fb75-4d37-b37b-3626ec0343e8/On-going+Graphic+Sharable+7.jpg Home - Is the Tier 2 Retirement plan really a retirement plan for all teachers? Illinois needs retirement benefits that work for all teachers. That is the percentage of new, Tier 2 teachers that TRS and CTPF think will work until their normal retirement age of 67. https://images.squarespace-cdn.com/content/v1/627abcd5fc9cb1695928128c/7b4396b6-5448-473b-ac5f-ee09f70081d4/On-going+Graphic+Sharable+1.jpg Home - In its own 2021 valuation report, TRSIL stated that Tier 2 benefits would lose value in retirement, while Tier 1 benefits would keep pace with inflation. Join us to close the IL Teacher Retirement Income Gap https://www.illinoisefr.org/open-letter daily 0.75 2022-08-26 https://images.squarespace-cdn.com/content/v1/627abcd5fc9cb1695928128c/0b6011dd-22e0-47e0-a414-4d9d45b13eb1/unsplash-image-zFSo6bnZJTw.jpg Open Letter - Who would want to work for nine years in a profession and have no retirement benefit to show for it? No one. Who would want to work years at a second job, earn Social Security benefits for that job, then be unable to collect those benefits? No one. But that’s exactly what we’re telling Illinois teachers to do. https://www.illinoisefr.org/todays-problems daily 0.75 2022-05-24 https://images.squarespace-cdn.com/content/v1/627abcd5fc9cb1695928128c/1653408460397-26M1CTV87GC2QZ1WM3Z6/unsplash-image-NpyF7rjqmq4.jpg Today's Problems - Today’s Problems How the Retirement Systems for Teachers Throughout Illinois and Chicago Fail to Meet the Four Principles https://images.squarespace-cdn.com/content/v1/627abcd5fc9cb1695928128c/1653408767587-NTGPMZYONVJ9G6AR4RGC/unsplash-image-38MGlMtsZyc.jpg Today's Problems - Sustainability is Questionable Illinois’ teacher retirement systems have a nearly $90 billion shortfall, even after accounting for strong investment returns in 2021. This unfunded liability is money that the state owes to the retirement systems for future retirement benefits to be fully paid out. TRSIL and CTPF are both using unrealistic assumptions about future investment returns. The actuary advisors for TRSIL and CTPF have warned the respective retirement boards that the funding policy adopted in the Illinois Pension Code may not be sufficient because it does not target having 100% funded teacher retirement benefits in the future. Current state law determines contributions based on the goal of being only 90% funded in the next few decades. Historically, the state has not been good about honoring its promises and ensuring it pays an adequate amount into TRSIL and CTPF. Tier 2 was created to be a low cost retirement benefit as a way to help the state have more money to pay down these shortfalls. Devaluing new teachers and asking them to take less compensation as a means to supplement the costs of paying down Tier 1 unfunded liabilities is not a sustainable long-term strategy. Budget costs in the near-term may be lower for the state, but the lack of investment in educators and students may cost far more in the longer term. https://images.squarespace-cdn.com/content/v1/627abcd5fc9cb1695928128c/1653408685562-UTKORHAHO6N7BNJ52MF7/unsplash-image-EH4i-6hxJag.jpg Today's Problems - Financial Education is Not Prioritized Far too many Illinois teachers are unaware of how their retirement benefits work and do not understand the differences in structure and benefits between Tier 1 and Tier 2. For the most part, Illinois teachers are left to learn about their retirement system and its benefits on their own. There are resources available from the TRSIL and CTPF systems, but this information is not well organized and is hard to understand. Further, few teachers seek out these resources until they are approaching retirement. Many educators get information about their retirement savings from salespeople promoting supplemental plans who cannot be relied upon as objective or deeply knowledgeable resources. https://images.squarespace-cdn.com/content/v1/627abcd5fc9cb1695928128c/1653408498834-OPSXD3QW2WYCJD3BDGZ0/unsplash-image--2vD8lIhdnw.jpg Today's Problems - Illinois Tier 2 Teacher Retirement Option is Implicitly and Explicitly Unfair The very existence of Tier 2 indicates that teachers are being treated differently in terms of their retirement benefits. There may have been legitimate reasons for creating Tier 2, but the way Tier 2 benefits are designed creates an ‘us’ versus ‘them’ dynamic between teachers in the different tiers. The benefit provisions for Tier 2 are manifestly unfair on their own terms because they will not provide enough income to ensure retirement security for most Tier 2 teachers. The benefit provisions for Tier 2 are unfair relative to the value of benefits for Tier 1, particularly with respect to a later retirement age, more service years required for calculating final average salary, and caps on benefits (specifically, the pensionable income cap). The benefit differences between Tier 1 and Tier 2 result in less retirement income for Tier 2 teachers, which in turn means less overall compensation for Tier 2 teachers. The implication is that the work Tier 2 teachers do to serve children is valued less than service from Tier 1 teachers. The funding policy currently in place uses Tier 2 teacher contributions to pay down the unfunded liabilities of Tier 1. This is inappropriate, and it means that either Tier 2 member benefits could be higher and/or that their contribution rates could be lower. https://images.squarespace-cdn.com/content/v1/627abcd5fc9cb1695928128c/1653408564884-OXSTYGTV2J3O8E6B0LZU/unsplash-image-h6gCRTCxM7o.jpg Today's Problems - Portability is Lacking Pension plans can be designed to provide portability, but neither TRSIL or CTPF benefit provisions don’t offer any such features. Teachers who leave before vesting will get their own contributions back, but without even the nominal interest they would have earned in a basic savings account. None of the employer contributions made on behalf of members are portable, depriving them of deferred compensation that has been earned. Teachers in Tier 2 have to wait ten years in order to vest and be qualified to receive a future benefit upon retirement. Fully half of Illinois teachers leave before this point. Any educator who moves away from Illinois or leaves public school teaching before vesting leaves behind their retirement plan and much of the retirement income they have accumulated. Illinois teachers also do not participate in Social Security, meaning they lack the additional, portable safety net retirement plan that most other Americans have. There is currently no option for Illinois teachers to enroll in a retirement plan that would transfer with them should they go teach in other states or private schools. A Tier 3 hybrid retirement plan that would have some portability features was announced in 2017, but it has not since been implemented. https://www.illinoisefr.org/takeaction daily 0.75 2022-06-02