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.
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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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
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Does your employer contribute $69,000 a year to your 401K retirement plan?
February 8, 2008
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Top 100 Administrators Total Compensation Year Ending June 30, 2006
February 8, 2008
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Is $224,000 per Year Too Much Compensation for a Driver's Ed Teacher?
January 18, 2008
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Is $224,000 per Year Too Much Compensation for a Driver's Ed Teacher? SPREADSHEET
January 18, 2008
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Dist 211 Teacher Salaries 2003 - 2006
November 6, 2007
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Teacher Unions and the New math: 20% is 10%
November 6, 2007
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26 Million Reasons Why We Need to Reform Illinois Public Pensions
October 17, 2007
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Read more by Bill Zettler.
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