State Retirees, Retired Teachers and Others
Receiving Pensions Likely To Benefit from Trump Tax Reform
The General Assembly Retirement System sent McHenry County Blog an email that said the amount deposited in accounts each month will probably be larger next month.
As those who receive retirement income know, state government does not levy the income tax on it.
(And, if it ever does, as some candidates for the Democratic Party gubernatorial propose, don’t be surprised at the number of retired folks who will leave Illinois.)
If net payment increases as a result of the income tax bill signed by President Donald Trump, the odds are good everyone getting a state pension will see higher net pension payments.