Hey, man. It’s not MY math! Here are the pension numbers for this year.

Thanks to Bob Lyons for the numbers.

When I posted a tweet on sick days and pensions the other day, I got push back on my math.

One guy claimed he had two – yes two – masters degrees and he knew for a fact that his school district doesn’t pay for his pension.

So, yes. District do pay a contribution. And 64% of the districts in the state pay part the employee contribution instead paying salary increases.

For the fiscal year ending June 30, 2019.

Member Contribution                    $964 million

School Districts                               $88.5 million

State Contribution                      $4,500 million

Total Contribution                      $5,552.5 million

Benefit Payout                           $6,800 million

Investment Return 5.2%            $2,600 million

Without a positive investment return of at least 3% we would have had a negative cash flow for FY 2019

Fund balance at the end of FY 2019             $53.3 billion  40.5% funded  Total liability $131.5 billion ($78.2 unfunded)

And using the state spending plan that started in 1995 and since amended, TRS called for and expects to receive $5.1 billion in FY 2021 from the state of Illinois with 75% of that representing the state’s partial contribution of what they owe TRS for past underpayments.

In other words, not going out as a benefit.

 

 

2 thoughts on “Hey, man. It’s not MY math! Here are the pension numbers for this year.

  1. Thank you and Bob Lyons for stating facts instead of the “alternative facts” (bullshit) spouted by so many hate filled people.

  2. Each school district is required to pay .58 of a percent of teacher payroll to TRS divided in twelve equal payment fo the year. Bob

    Sent from my iPhone

    >

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