Tier 2 Retired
Retired Tier 2 members in the Teachers’ Retirement System of the State of Illinois collect a lifetime monthly retirement benefit. Members cannot outlive their benefits.
POST-RETIREMENT EMPLOYMENT LIMITATIONS
During the 2021-22 school year, a retired member may work in a TRS-covered position for 140 days or 700 hours and not lose benefits. A member's benefits are suspended if the limit is exceeded and the member has not been approved to teach in a subject shortage area. The 140 days/700 hours limit is in effect through June 30, 2022. For more details, select this link.
For the 2022-23 school year, the post-retirement limitations will revert to 120 days or 600 hours. Under the law, the limits are scheduled to return to 100 days or 500 hours on July 1, 2023.
TRS pays on the first of the month for the prior month. For instance, your December retirement benefit will be received on Jan. 1. Due to this, the December check is considered taxable in the tax (or calendar) year commencing Jan. 1. When the first of the month occurs on a weekend or holiday, your financial institution may not post your deposit to your account until the next business day.
ANNUAL INCREASES IN ANNUITY
Annual cost-of-living increases for members will be calculated using either 3 percent or one-half of the Consumer Price Index as of the preceding September, whichever is less, of the originally granted retirement annuity. If the increase in the Consumer Price Index for the preceding September is zero or there is a decrease, then the annuity will not be increased. When there is an increase, it will not be compounded.
You will receive an annual increase on the Jan. 1 occurring either on or after the attainment of age 67 or the first anniversary of the annuity start date, whichever is later. The increase is effective in January of each year and is reflected in the payment you receive in February. This increases your monthly benefit and is not a separate lumpsum payment.