TRS trustee Bob Lyons (left) and me at IRTA state convention last week.
– Bob Lyons. Bob is one of our elected member of the Teacher Retirement System’s board of Trustees representing current retirees.
I stayed in Springfield after the conclusion of the IRTA Convention for the October TRS meeting. In the next days I will share with you the results of that meeting and some of the details of the actuarial study of education and the pension fund in Illinois.
Today I want to tell you just one conclusion from the actuarial study. For some years we have all heard the statistic that half of all starting teachers quit in the first five years, and of course that was before the advent of tier II. Wednesday we learned from our actuaries based on their experience review that they assume that only 37% of our 25 year old teachers will retire from teaching in our state.
It would be expected that only a couple percent will die or be disabled before they can retire, so the great majority that will leave will either quit all together, be dismissed, or transfer to another state. About 63% will never see a monthly retirement check.
I am sure that in recent years you have considered that if you were in college today would you go into teaching, and specifically in Illinois? I would not and would not recommend that anyone become a teacher in our state.
I have been retired from teaching for 21 years and from coaching for 13 years, so what I know of education today is hearsay, but based on that I can only consider that I was fortunate to have taught in what was the Golden Age of education in Illinois.
And all of those teachers that joined the profession since January 1, 2011, and are members of tier II are making full contributions to an inadequate pension and will need to go on and contribute to social security before they can retire.
That is more than sad, it is a travesty.