For Immediate Release
Contact: Director of Public Relations Janelle Gurnsey
trs_communications@trsil.org
SPRINGFIELD, IL — Governor JB Pritzker’s proposed budget for Fiscal Year 2026 reaffirms the state’s ongoing commitment to improving the retirement security of Illinois' educators. The Governor’s plan commits to fully funding the state’s certified pension contributions and reintroduces a clear path to reach 100% pension funding by Fiscal Year 2048. This proposal continues Illinois’ progress in addressing the pension system’s unfunded liabilities and strengthening the financial security of its educators.
A key aspect of the budget is adjusting the Tier 2 pensionable earnings cap to align with the Social Security Wage Base for employees not coordinated with Social Security.
"Governor Pritzker’s proposal is a crucial step toward securing the long-term financial security of Illinois teachers,” said Stan Rupnik, TRS Executive Director and Chief Investment Officer. “By fully funding the certified pension contribution to TRS, this plan strengthens educators’ retirement security and reflects our commitment to providing expert pension services with integrity and accountability. It underscores our ongoing dedication to supporting the financial futures of generations of teachers as their trusted retirement resource.”
Matt Hunt, President of the TRS Board of Trustees, also expressed support for the governor’s budget proposal. “Governor Pritzker’s proposed budget is a clear reflection of his ongoing commitment to educators in Illinois,” said Hunt. “The TRS Board is focused on safeguarding the financial future of our members, and this funding will play an important role in achieving that goal.
TRS remains committed to providing expert pension services to Illinois’ teachers, who have dedicated their careers to educating the next generation.
Following the Governor Pritzker’s State of the State and FY26 Budget Address, the TRS Board of Trustees met at its regularly scheduled February meeting and discussed the following investment actions within the TRS portfolio:
Within the System’s $12.3 billion Private Equity Portfolio:
- The commitment of $150 million to Vista Equity Partners of Austin, TX. Vista currently manages $539.6 million in TRS assets.
- The commitment of $130 million to Thomas H. Lee Partners of Boston, MA. THL currently manages $136.5 million in TRS assets.
- The commitment of €75 million to Investindustrial Advisors of Luxembourg. Investindustrial is a new relationship for TRS.
- The commitment of $65 million to Peak Rock Capital of Austin, TX. Peak Rock is a new relationship for TRS.
- The commitment of €50 million to Nordic Capital of Stockholm, Sweden. Nordic Capital is a new relationship for TRS.
Within the $12.5 billion Real Assets Portfolio:
- The commitment of $100 million to Principal Real Estate Investors of Des Moines, IA. Principal currently manages $929.3 million in TRS assets.
Within the $21.8 billion Global Income Portfolio:
- The commitment of $100 million to Proterra Investment Partners of Minneapolis, MN. Proterra currently manages $126.5 million in TRS assets.
- The commitment of $200 million to Pretium Partners LLC of New York. Pretium currently manages $160.4 million in TRS assets.
Within the $24.9 billion Public Equity Portfolio:
- The commitment of $75 million to Sumitomo Mitsui DS Asset Management of Tokyo. Sumitomo is a new relationship for TRS.
ABOUT TEACHERS’ RETIREMENT SYSTEM OF THE STATE OF ILLINOIS
The Teachers’ Retirement System of the State of Illinois is the 38th largest pension system in the United States, and provides retirement, disability and survivor benefits to teachers, administrators and other public-school personnel employed outside of Chicago. The System serves over 456,000 members and had assets of $74.08 billion as of January 31, 2025.