The following email was sent to retired teachers yesterday:
Welcome to July!
- TRS Benefit Payments – The System’s top priority is to ensure all benefits continue to be paid. Since all benefits are funded by the TRS trust fund – not state government – the System does not need legislative approval to pay any benefits. State Comptroller Leslie Geissler Munger said in June that her office will pay all pensions, even if no state budget is in place. TRS will inform you if this situation changes.
- TRS Member Services and Staff – The absence of a state budget could hamper day-to-day TRS operations. TRS staff salaries also are funded by the trust fund, not by a legislative appropriation. TRS will continue operations despite the lack of a state budget. But TRS depends on other state agencies – the state comptroller, the state treasurer and the Department of Central Management Services – for the transfer of funds in the TRS investment portfolio and the payment of salaries and obligations. The lack of a state budget could affect these agencies and TRS will work with them closely to minimize any inconveniences. TRS will inform you if this situation changes.
- The FY 2016 Education Budget – On June 24 Gov. Rauner signed into law the state’s K-12 education budget for FY 2016 that had been approved by the General Assembly. This spending authorization included the state’s annual contribution to TRS, which in FY 2016 is $3.7 billion, as well as the annual contribution to the Teachers’ Retirement Insurance Program, which in FY 2016 is $108.3 million.
TRS will continue to keep you informed.
Member Services Division
Teachers’ Retirement System of the State of Illinois