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Sign in Sign up for a FREE subscriptionIllinois TRS gets $4.8b preliminary approval to state contribution for FY 2020
The Teachers’ Retirement System Board of the State of Illinois’s board of trustees has given preliminary approval to a $4.813 billion state contribution to the System for fiscal year 2020, a 10.6 percent increase over the current fiscal year’s contribution.
The fiscal year 2020 preliminary contribution falls short of the amount of money that actuaries calculate would “fully fund” the cost of TRS pensions in the new fiscal year. The fiscal year 2020 statutory contribution is $3.065 billion below the full funding amount of $7.878 billion.
“In fiscal year 2018 the legislative and executive branches lowered the state’s contribution three times — by more than 11 percent. Those unprecedented cuts totaled some $470 million and eroded progress toward financial stability,” said TRS executive director Dick Ingram. “The future viability of TRS is directly dependent on continued state support that adequately meets the cost of benefits and pays off the unfunded
