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On January 10, 2022, teachers will be able to begin submitting applications to the Illinois Teachers’ Retirement System (TRS) to participate in TRS’s new Supplemental Savings Plan (SSP)...
America’s law enforcement system is at a crossroads. During the course of the past year, cities around the country have been rocked by wave after wave of protests following police-involved shootings. Now that a Minneapolis jury has held former police officer Derek Chauvin responsible for the killing of George Floyd, the national conversation has again turned to police reforms. It’s clear something must be done to address wrongs and reestablish trust between communities and law enforcement officers, while also protecting the reputations of the majority of officers who serve honorably every...
Illinois governor signs bill eliminating age limits for Chicago Firemen’s COLAs Illinois governor signs bill eliminating age limits for Chicago Firemen’s COLAs Illinois Gov. J.B. Pritzker Illinois Gov. J.B. Pritzker signed a bill into law Monday to remove age-based restrictions for certain participants in the $863 million Chicago Firemen's Annuity & Benefit Fund to receive annual 3% cost-of-living adjustments. The new law removes the eligibility restriction for participants who retire at age 55 who are born after Jan. 1, 1966. Those participants will now receive a 3% COLA. The Senate vote...
To embed, copy and paste the code into your website or blog: Earlier last week, the Illinois Teachers’ Retirement System sent out forms and instructions for its new Supplemental Savings Plan. Essentially, the Plan is a program for the deferral of income taxes on a portion of the compensation of teachers and other licensed employees under Section 457(b) of the Internal Revenue Code. TRS is required to offer the Plan to eligible school district employees due to an amendment to the Illinois Pension Code which became law in August of 2018. TRS is requiring school districts to participate in t...