The following definitions are provided to help you understand terms we regularly use in our seminars, correspondence, and publications. These definitions are general, not technical, in nature. For detailed definitions, please see the Illinois Pension Code, Article 16.

D

Days Worked Report

A calendar prepared by TRS on which the employer tracks the dates worked by part-time and substitute teachers.

defined benefit plan

A retirement plan that pays a specific benefit, usually based on a combination of age, service credit, and salary. TRS is a defined benefit plan. The plan bears the economic risk.

defined contribution plan

A retirement plan where the employer pays a predetermined percentage of salary to a retirement fund. The amount of the retirement benefit is determined by the amount of the contributions and the returns on the invested contributions. The employee bears the economic risk.