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
While you are receiving a retirement annuity, certain restrictions apply regarding employment you may accept, the types of positions in which you may be employed, and the number of days and hours you may work. See Post-Retirement Limitations in Chapter 11 of the Tier 2 Member Guide.
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.