The Illinois General Assembly created the Teachers' Retirement System of the State of Illinois (“TRS” or the “System”) in 1939. TRS administers a multiple-employer public pension plan to provide its members with retirement, disability, and survivor benefits. The defined benefit plan that TRS administers is a governmental plan as defined in the Internal Revenue Code of 1986, Section 414(d) and the Employee Retirement Income Security Act of 1974, Section 3(32). The retirement system is administered as a qualified plan under Internal Revenue Code Section 401(a).
TRS creation, benefits, and administration are governed by Articles 1, 16, and 20 of the Illinois Pension Code, 40 ILCS 5. TRS administrative rules including Records and Accounts, Filing of Claims, Membership and Service Credits, Contribution Credits and Payments, Annuitants and Beneficiaries, Administrative Review, Amendments to Bylaws and Rules, Rules of Order, Public Record Requests, Board Election Procedures, Qualified Illinois Domestic Relations Orders, Payroll Deduction Program, Retirement Benefits, Competitive Selection Procedures for Investment Services, Plan Qualification, Tier II Members and Annuitants, and Buyout Programs are contained in Title 80, Subtitle D, Chapter III, Part 1650 of the Illinois Administrative Code, 80 Ill. Admin. 1650.10 – 1650.3300.
TRS also offers an optional deferred compensation plan operated in accordance with the Pension Code, 40 ILCS 5/16-204, and Section 457(b) of the Internal Revenue Code.
The Pension Code and TRS administrative rules are found on the Illinois General Assembly website. Links are provided below: