Illinois Teachers Retirement System outlines benefits and retirement procedures for substitute teachers

The Teachers' Retirement System (TRS) Board of Trustees in Illinois recently held a meeting to discuss important updates and resources for Tier 1 substitute teachers as they approach retirement. This meeting highlighted key steps for substitutes to ensure their retirement benefits are accurately calculated and maximized.

One of the primary topics was the importance of verifying reported substitute work and earnings. Teachers were encouraged to check that all their sub days were properly documented and to update any beneficiary information that may have changed over time. This verification process is crucial for ensuring that teachers receive the correct retirement benefits based on their service credit and age.

Substitutes planning to retire soon were informed about the option to buy out their 3% compounded increases, known as the accelerated annual increase. This option allows for a more tailored retirement benefit, and teachers were advised to meet with a TRS counselor for personalized assistance. Counselors are available for in-person meetings or through teleconferencing, making it easier for substitutes to navigate their retirement options.

The TRS also announced upcoming webinars titled "It's Time to Retire," which will provide essential information for those eligible to retire. These sessions, scheduled for February and March, will guide teachers through the necessary steps to ensure a smooth transition into retirement.

Additionally, the meeting addressed the limits on substitute work after retirement. Retired teachers can still work as substitutes, but they must adhere to a cap of 120 days or 600 hours per year. It was emphasized that while there are limits on the number of days worked, there is no cap on earnings, allowing retirees to supplement their income without penalty.

Finally, the meeting touched on the recent passage of the Social Security Fairness Act, which eliminated certain provisions affecting teachers' pensions. It was clarified that Illinois teachers do not contribute to Social Security through TRS-covered employment, but those with additional Social Security earnings should consult with the Social Security Administration for guidance.

This meeting served as a vital resource for substitute teachers, ensuring they are well-informed about their retirement options and the implications of their service. As these educators prepare for retirement, the TRS remains committed to supporting them through the transition.