Retirement
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Teachers Retirement System (TRS)
Employees are currently divided into either Tier I or Tier II based on their hire dates. Tier I members are public educators that began participation in an Illinois public pension plan prior to January 1, 2011. Tier II members are public educators that started employment in a position covered by an Illinois public pension plan on or after January 1, 2011.
The Tier status of an employee impacts retirement eligibility:
TRS Supplemental Savings Plan
The TRS SSP automatically signs up all new teachers hired as of Jan 1, 2023, at 3% of their pre-tax earnings. This plan is also available for teachers who began service before then, but they’d have to opt in. Anyone can opt out once they either automatically or voluntarily opted in. The TRS SSP is a good choice for some, but for others, it may not be, especially for folks who may have been automatically enrolled—and they’re not aware. There are several fee structures with the TRS SSP plan explained in the below FAQ, along with additional information for all teachers.
SSP Member FAQs |
Illinois Municipal Retirement Fund (IMRF)
Unlike TRS, IMRF contributions vary across the state as IMRF is a local program. Each individual employer contributes to an account specific to their employees.
Employees are currently divided into either Tier I or Tier II based on their hire dates. Tier I members are public educators that began participation in an Illinois public pension plan prior to January 1, 2011. Tier II members are public educators that started employment in a position covered by an Illinois public pension plan on or after January 1, 2011. IMRF Voluntary Additional Contributions
IMRF’s Voluntary Additional Contribution (VAC) program is an easy way to help you save additional retirement income. Voluntary Additional Contributions:
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