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Member Information and Beneficiary Designation Form First Name Middle Initial Last Name Maiden Name (required for tax-reporting purposes) Member Social Security number Date of birth Street Address.

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Retiring in Illinois As an Illinois teacher, you contribute 9.4% of your monthly salary to a defined benefit plan that provides lifetime retirement benefits for you and your fellow teachers. Upon reaching normal retirement age and terminating your employment, you're eligible to receive monthly pension benefits.

Age 60, with 8 years of credited service. Any age, when your age (years & whole months) plus years of service credit (years & whole months) equal 85 years (1020 months) (Rule of 85). Between ages 55-59 with 25-29 years of credited service (reduced 1/2 of 1% for each month under age 60).

At its September meeting, the Board unanimously voted to approve a 2.5% cost-of-living adjustment (COLA) increase for eligible retirees and beneficiaries in 2023.

The rule of 85 says that workers can retire with full pension benefits if their age and years of service add up to 85 or more. So if you're 60 years old and you've been working at the same company for 25 years then technically, you could be eligible for full pension benefits if you choose to retire early.

Post-Retirement Employment Limitations During the 2021-22 school year, a retired Tier I member may work in a TRS-covered position for 140 days or 700 hours and not lose benefits.

A member's benefits are suspended if the limit is exceeded and the member has not been approved to teach in a subject shortage area. For the 2022-23 school year, the post-retirement limitations are 120 days or 600 hours. Under the law, the limits are scheduled to return to 100 days or 500 hours on July 1, 2023.

Working as a substitute teacher ​will not​affecting the educator's TRS benefits as it is non-contracted work. A retired teacher acting as a sub on their PEL can sub for up to 120 school days for any one contracted teacher.

The 2.2 formula improves the retirement benefit for TRS members by accelerating the rate at which future retirement benefits accrue. Formerly your retirement benefit accrued at a slower rate in your early years as an educator and at a faster rate as your service credit increased.

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© Copyright 1997-2025
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232