teacher/poet/musician glen brown: The Effects of HB 5754 and HB 1325 on the Teachers’ Defined-Benefit Pension Plan

9 Dec

Teachers have been excluded from Social Security coverage since the beginning of its enactment in 1935. All state and local government employees are excluded. In a report entitled, Mandatory Social Security Cost Study for Illinois Public Education from TRS April 2007, “mandatory Social Security [as in the case for teachers opting out of the current defined-benefit pension plan for a defined-contribution savings plan or 401 k plan] would have an immediate and ever-increasing impact on Illinois public education. The cost of Social Security and a supplemental retirement plan would be substantially higher than the current defined-benefit plans provided through a combination of state, local, and employee contributions. More…

via teacher/poet/musician glen brown: The Effects of HB 5754 and HB 1325 on the Teachers’ Defined-Benefit Pension Plan.

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