Insurance Benefits Choice Period for Members Begins May 1
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Tier I and Tier II Retirement Plans Explained
Public Act 96-0889 adds a new section to the Pension Code that applies to anyone who first contributed to the Teachers’ Retirement System on or after January 1, 2011. Please select the following link to read more: EZ Guide to Retirement Plan Tier I and Retirement Plan Tier II under Public Act 96-0889
Contribution Rates
| Contribution Type |
2010-11 |
2011-12 |
2012-13 |
2013-14 |
| TRS Contributions |
| Member TRS retirement
contribution* |
9.40% |
9.40% |
9.40% |
9.40% |
| Employer TRS retirement contribution* |
0.58% |
0.58% |
0.58% |
0.58% |
| Employer TRS contribution on federally-funded salary** |
23.10% |
24.91% |
28.05% |
35.41% |
| THIS Fund Contributions |
| Member THIS (insurance) contribution |
0.88% |
0.88% |
0.92% |
0.97% |
| Employer THIS (insurance) contribution |
0.66% |
0.66% |
0.69% |
0.72% |
* Legislative factors may increase or decrease the rates. The contributions amounts have not been finalized. Additionally, the Early Retirement Option (ERO) may expire on June 30, 2013. If legislation is not extended for ERO, the contribution could be 9%, not 9.4%.
** The rate is equal to the state contribution rate and changes each fiscal year.
If you have questions, email us at employers@trs.illinois.gov or call (888) 877-0890. |
