TRS Issues Update

Overhauling the Illinois Pension Code

The Illinois General Assembly adjourned its 2013 spring legislative session on May 31 without taking any final action on proposals to overhaul pensions for TRS members and funding sources for the System. The General Assembly is not scheduled to reconvene until the fall Veto Session on October 22, 2013.

Early Retirement Option

The General Assembly, however, did approve Senate Bill 1366, which would renew the Early Retirement Option that has been available to TRS members since 1980. The bill was sent to Gov. Pat Quinn for his consideration. With this extension, the ERO program would be available through June 30, 2016.

Details about the ERO renewal bill and the other major legislation TRS is following can be found by clicking on the links below.

• Senate Bill 1 – a comprehensive overhaul of the pension code that affects benefits and system funding
• Senate Bill 1366 - extending the Early Retirement Option
• Senate Bill 2404 – a comprehensive overhaul of state pension system funding and benefits
• House Bill 1154– a cap on salaries reported to TRS and used to calculate a pension
• House Bill 1165– a reduction in the annual cost of living adjustment
• House Bill 1166– an increase in the minimum retirement age

The following resources are designed to help you track active bills in the legislature and to help you understand what those bills mean.

• Major Pension Legislation
• TRS Speaks– A statewide compilation of TRS responses to news articles and letters-to-the-editor
• TRS Issues & Discussion– Questions and discussion about issues facing TRS members

What's Happening at TRS

• May Board Meeting: TRS Renews Actuarial Services Contract with Buck Consultants
• Spring Topics & Report Newsletter
• TRS Posts Strong Investment Results for Calendar Year 2012
• TRS Begins Developing Contingency Plans for Pension Reform
• Statement of the Teachers' Retirement System Board of Trustees

To expedite your search for specific information, please use our search engine on the top right hand corner of our website.

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