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Resources For Retirement

TRS of Illinois

Information & Resources

There are a lot of dates and details to be aware of when it comes to knowing what your TRS benefits and requirements will be.  While this portion of Retirement Resources can serve as an easy reference for some of the major aspects of TRS and provide links to the TRS Benefit Handbooks and specific sections for additional information, it is not meant to be a comprehensive review of the Teachers’ Retirement System of the State of Illinois.  The information presented here is updated, but always check the TRS website or contact the TRS offices for the most current information if you have questions.

  • Retirement Benefit Formula
    • Service Credit x Formula Factor x Final Average Salary (FAS) = Annual Pension
  • Two Tiers within System
    • Tier 1 – first contributed to TRS or reciprocal retirement system prior to January 1, 2011.
    • Tier 2 – first contributed to TRS or reciprocal retirement system prior on or after January 1, 2011.
  • Final Average Salary
    • Tier 1 – Average of highest 4 *consecutive salaries out of last 10 years of service
    • Tier 2 – Average of highest 8 *consecutive salaries out of last 10 years of service
  • 2 Formula Factor Upgrade
    • Service before July 1, 1998 qualifies for the 2.2 Formula Factor upgrade – contact TRS for more info and upgrade cost if this applies to your years of service.
  • Additional Service Credit may be obtained through unused, uncompensated sick days and Reciprocal Service Credit.Contact TRS for more information.
  • Standard Annual Benefit Increases
    • Tier 1 – retired one full year and at least age 61 – 3% compounded annually
    • Tier 2 – retired one full year and at least age 67 – one-half of the CPI with 3% cap
  • TRS Benefit Handbooks
  • Death Benefits
    • Two types of death benefits
      • Survivor Benefits
        • Paid to an eligible dependent beneficiary, or to your estate
      • Beneficiary Refund
        • Consists of any remaining accumulated contributions
        • Paid to your surviving spouse or civil union partner, or to your estate
      • Post Retirement Employment
        • While receiving a retirement annuity there are restrictions regarding employment you may accept, including:
          • Limitations on school types and positions
          • Limitations on number of days or hours worked
        • Review the TRS handbook or contact TRS for more information on:
          • Consequences of exceeding limitations
          • For special circumstances allowed regarding Post Retirement Employment,
        • TRS handbook
  • Teachers’ Retirement Insurance Program (TRIP)
    • Must have at least 8 years of TRS service credit
    • Works as primary coverage before age 65
    • Includes prescription drug coverage but NOT dental or vision
    • Medicare Advantage Program (TRAIL) for Medicare-primary members
  • Enrollment Opportunities
    • Upon retirement (can defer up to 4 months)
    • At age 65 (Medicare)
    • Upon termination of other coverage
    • Annual Open Enrollment
  • For more information on Medicare coverage, visit their website at medicare.gov
  • Visit SSA.gov to create or review your “my Social Security” account.
    • In addition to checking the status of your personal eligibility for Social Security benefits (minimum 40 credits required), this account provides access to personalized Social Security tools and calculators, the replacement Social Security card request process, and estimates future benefits.
    • Employment by a state or local government agency, including a public school system, college, or university, may be covered by Social Security in certain cases.If you are only covered by the state or local pension plan, you don’t pay Social Security taxes and may not pay into the Medicare program.  Social Security benefits may be adjusted for those eligible due to state or local government pension payments, due to:
      • Windfall Elimination Provision (WEP)
        • The Windfall Elimination Provision (WEP) can affect how Social Security calculates your retirement or disability benefit.If you work for an employer who doesn’t withhold Social Security taxes from your salary, any retirement or disability pension you get from that work can reduce your Social Security benefits.  Such an employer may be a government agency or an employer in another country.  However, if you paid Social Security taxes on 30 years of substantial earnings, WEP does not apply to you.  For more information, search for “Windfall Elimination Provision” at www.SocialSecurity.gov.
      • Government Pension Offset (GPO)
        • The Government Pension Offset (GPO) adjusts Social Security spousal or widow(er) benefits for people who receive “non-covered pensions.” A non-covered pension is a pension paid by an employer that does not withhold Social Security taxes from your salary, typically, state and local governments or non-U.S. employers.Social Security benefits are reduced based on your pension payments.  For more information, search for “Government Pension Offset” at www.SocialSecurity.gov.

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