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) which is a tax-deferred compensation...more
Last week TRS published Employer Bulletin 22-15 on its Supplemental Savings Plan (SSP), a new SSP Employer Participation Agreement, and a form of resolution for adoption by school boards to approve the Participation...more
Earlier this week, TRS issued an Employer Bulletin and a post in the Employer/Supplemental Savings Plan portion of its website regarding employer participation in implementation of the Plan. We are reviewing the new...more
Since our last alert on the Illinois Teachers’ Retirement System’s Supplemental Savings Plan (SSP), we have submitted to TRS, in consultation with IASA and IASBO, proposed changes to the TRS’ SSP document to address the...more
Since our previous alert regarding the Teachers’ Retirement System’s Supplemental Savings Plan, we have had productive discussions with many business managers, IASA, IASBO, and TRS about problems with the Plan and the...more
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...more
On June 5, the Governor signed Public Act 101-0010 which, among other things, deleted the TRS 3% excess salary cap and revived the 6% cap. ...more
On the heels of a movement fueled by the Illinois teachers unions, the Illinois House and Senate passed a bill, Senate Bill 1814, which includes a House Amendment that will repeal the current 3% salary cap for Teachers...more