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Will Illinois TRS retirees get a raise in 2022?

As a result of legislation approved in 2022, certain retirees in Plan 1 of the Public Employees' Retirement System and Plan 1 of the Teachers' Retirement System (PERS 1 and TRS 1) will receive a one-time benefit increase in July of this year.

How many days can retired teachers work in Illinois?

Post-Retirement Employment Limitations During the 2021-22 school year, a retired Tier I member may work in a TRS-covered position for 140 days or 700 hours and not lose benefits. A member's benefits are suspended if the limit is exceeded and the member has not been approved to teach in a subject shortage area.

How does the Chicago Teachers pension Fund work?

Chicago Teachers' Pension Fund (CTPF) members enjoy a guaranteed pension for life, based on your tier level, final average salary, CTPF years of service, and a pension multiplier (currently 2.2% for service earned on July 1, 1998 or after).

How much pension does a teacher get in Illinois?

Tier-1 teachers receive lifetime pensions equal to 2.2 percent of their final average salaries multiplied by completed years of service, capped at 75 percent of their final average salaries.

Who pays teacher pensions in Illinois?

As they work, teachers and their employers must contribute into the plan. Those contribution rates are set by the state legislature and can change year-to-year. In 2018, teachers contirbuted 9.81 percent of their salary to the pension fund, while the state contributed 30.86 percent.

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How does teacher retirement Work in Illinois?

Tier-1 teachers receive lifetime pensions equal to 2.2 percent of their final average salaries multiplied by completed years of service, capped at 75 percent of their final average salaries.

Can retired Illinois teachers collect Social Security?

Is it true that an Illinois teacher cannot collect Social Security? No. If you have earned a Social Security benefit based upon your own work record, you may draw both Social Security and TRS benefits. However, your Social Security benefit may be reduced if you are also receiving a retirement benefit from TRS.

How many retired teachers are there in Illinois?

As of June 30, 2021, there were 159,027 active members. Inactive members are no longer contributing to the System but have service credit that will entitle them to draw a benefit or refund when statutory eligibility requirements are met. As of June 30, 2021, there were 145,769 inactive members.

How many hours can a retired teacher work in Illinois?