Pension Calculator Information
Pension calculated assuming member is 55 years old with 34 years service with current salary history. Those with less than 34 years who continue to work will, in most cases, have higher pensions than those calculated. Those members who retire with less than 34 years may have lower pensions than those calculated.
There have been legislative adjustments, as well, limiting how much of the final year increases can be factored into the pension.
If retired at 55 then 18% at age 61, 3% per year thereafter.
From the TRS website:
"Cost of Living Increases: You will receive an automatic 3 percent cost-of-living increase on the January 1st following your 61st birthday or your first full year in retirement, whichever is later. When your first increase is calculated, it includes increases for the entire time you have been in retirement."
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Salary and Pension Research & Commentary by Bill Zettler
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Bill Zettler is the owner of a computer-consulting firm in Illinois, and a contributor to ChampionNews.net.
Bill was a self-professed "lifetime liberal" until he investigated his local school district in advance of a referendum. When he discovered that teacher salaries, contract terms and pensions were far beyond anything available in the private sector, he became a political conservative and supporter of school choice.
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Gov. Quinn: Raise Taxes on $10/hr Workers by 41% to pay for $10 Million Pensions
June 22, 2009
When Pension Payouts Exceed 100% of Tax Revenue What Do We Do Then?
June 4, 2009
Taxpayers Costs: Pension and Retiree Health Care
June 4, 2009
To Gov. Quinn: Illinois Taxpayers Have No Obligation to Make Public Employees Millionaires
April 7, 2009
Taxpayers Save $180 Billion If Employees Contribute More
April 7, 2009
Illinois Public School Teachers Out-Earn Private Sector
April 1, 2009 School Reform News
Illinois Pays an Average of 30 Times More Per Student for Superintendents than Arizona
March 16, 2009
No Recession for State Retirees - $100,000 Pensions Up 27% In 2008 To 3,195
January 29, 2009
Illinois Top 100 Pension Payouts 2007-2008 Fiscal Year Average $204,000
January 29, 2009
To Cut Waste, Ban Teacher Strikes
January 2009 School Reform News
No Recession in Illinois Public Schools - $100,000 Salaries Up 17% in 2008
January 13, 2009
Teacher Compensation Rates By Subject Fiscal Year Ending June 30, 2008
January 13, 2009
As Your Retirement Assets Plummet, Your Tax Obligations for Other Peoples Retirement Skyrockets
October 10, 2008
$700 Billion Taxpayer Fleecing Is Outrageous - So When Are Illinois Politicians Going To Do Something About The State Pension Debacle?
September 22, 2008
With 75,000 Unemployed Teachers in Illinois, Why Don't We Just Replace Any That Go On Strike?
September 16, 2008
Golden Handcuff Awards for 2008 - Teacher Union Contributions to Illinois Politicians
August 4, 2008
When Average Salary Is Not Average – How Teachers Total Compensation Dwarfs Other White Collar Workers
July 28, 2008
Top 100 Paid Teachers 2007 Salary and Total Compensation
July 28, 2008
Illinois School News: $10 million Pensions, $100,000 Raises and a $196,000/yr Art Teacher
June 8, 2008
Top 100 School Administrators Salaries and Pensions - Illinois 2007
June 8, 2008
Administrator Raises Greater Than The Median Full-time Illinois-Taxpayer Salary of $32,864
June 8, 2008
Is A TRILLION Dollars Too Much for Illinois Taxpayers to Pay for Public Employees’ Retirement Benefits?
April 27, 2008
Market Crash Means Illinois Taxpayers Owe More for State Pensions
March 20, 2008
The taxpayer-funded Illinois growth industry - $100,000+ public pensions - here are just the top 100
February 18, 2008
Read more by Bill Zettler.
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