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TRS Certifies $6.04 Billion State Contribution for Fiscal Year 2024
SPRINGFIELD, IL – The Teachers’ Retirement System Board of Trustees certified a $6.04 billion state government contribution for the System in fiscal year 2024.
Employer Guide Chapter 7: Optional Service Credit & Payment Options
Revised August 2024
Credit for several types of optional service can be obtained by verifying the service and making a contribution to TRS. In general, the amount due for the service credit is equal to the contributions that would have been required if the service had been earned under TRS plus interest.
Tier 1 Retired
Tier 1 members in Teachers' Retirement System of the State of Illinois first contributed to TRS before Jan. 1, 2011 or have pre-existing creditable service with a reciprocal pension system prior to Jan. 1, 2011. Retired TRS Tier 1 members collect a lifetime monthly retirement benefit. Members cannot outlive their benefits.
Defensive Strategy Cushions Financial Effects of COVID-19 Downturn
SPRINGFIELD, IL – Teachers’ Retirement System continues to protect member assets as much as possible and has slowly started to recapture funds lost to the economic devastation of the coronavirus pandemic.