The total entails mostly funds appropriated by the General Assembly and 0.58 percent of member salary contributed by school districts according to state law. The vast majority of the total employer contribution is state funds.
Fiscal Year Actuarial
Requirement State
Statute Actual
Payment
1970 $ 92,004,000 $
92,004,000 $ 56,300,000
1971 $ 160,099,260 $ 160,099,260 $ 60,100,000
1972 $ 171,505,159 $ 171,505,159 $ 58,600,000
1973 $ 153,340,577 $ 153,340,577 $ 93,716,074
1974 $ 158,476,229 $ 158,476,229 $ 100,018,071
1975 $ 169,604,384 $ 169,604,384 $ 127,361,884
1976 $ 186,913,193 $ 186,913,193 $ 134,242,564
1977 $ 202,000,000 $ 201,985,767 $ 153,649,291
1978 $ 207,079,620 $ 207,079,620 $ 172,792,022
1979 $ 240,626,076 $ 240,626,076 $ 187,813,574
1980 $ 254,000,000 $ 254,000,000 $ 221,000,000
1981 $ 259,388,519 $ 259,388,519 $ 240,823,822
1982 $ 271,000,000 $ 271,000,000 $ 162,905,821
1983 $ 367,383,000 $ 367,383,000 $ 161,000,000
1984 $ 406,000,000 $ 406,000,000 $ 197,806,145
1985 $ 437,000,000 $ 437,000,000 $ 224,575,000
1986 $ 439,000,000 $ 458,352,000 $ 248,718,000
1987 $ 440,000,000 $ 464,589,000 $ 266,907,000
1988 $ 506,000,000 $ 469,955,000 $ 230,606,000
1989 $ 559,000,000 $ 540,876,000 $ 237,000,000
1990 $ 617,000,000 $ 282,969,000 $ 269,000,000
1990 $ 617,000,000 $ 282,969,000 $ 269,000,000
1991 $
686,000,000 $ 329,331,000 $ 270,000,000
1992 $
771,000,000 $ 400,982,000 $ 247,189,000
1993 $
833,000,000 $ 495,014,000 $ 281,904,000
1994 $
918,000,000 $ 572,627,000 $ 278,109,000
1995 $1,156,000,000 $ 663,792,000 $ 279,258,000
1996 $1,350,997,000 $ 341,276,000 $ 341,269,000
1997 $
972,842,000 $ 395,269,000 $ 395,348,000
1998 $
983,312,000 $ 478,439,000 $ 477,685,000
1999 $
932,909,000 $ 602,242,600 $ 603,603,000
2000 $1,003,612,000 $ 686,384,000 $ 688,586,000
2001 $1,102,441,000 $ 775,732,000 $ 778,342,000
2002 $1,163,262,000 $ 872,283,000 $ 861,889,000
2003 $1,427,519,000 $ 963,858,000 $ 970,845,000
2004 $1,716,977,000 $1,100,264,000 $1,103,337,000
2005 $1,683,212,000 $ 986,269,000 $ 987,362,000
2006 $1,679,524,000 $ 601,554,700 $ 601,472,000
2007 $2,052,396,000 $ 822,890,500 $ 816,670,000
2008 $1,949,463,000 $1,135, 127,000 $1,169,773,000
2009 $2,109,480,000 $1,556,737,000 $1,601,605,000
2010 $2,481,914,000 $2,217,053,000 $2,252,149,604
2011 $2,743,221,000 $2,293,321,000 $2,323,668,000
2011 $2,743,221,000 $2,293,321,000 $2,323,668,000
2012 $3,429,945,000 $2,405,172,175 $2,406,472,000
2013 $3,757,148,000 $2,702,277,829 $2,703,478,000
"When talking to a
legislator, ask him or her: If the State of Illinois shorted the teachers' pension fund approximately
$15 billion dollars since 1970, how does that justify reducing
teachers' benefits in order to pay the fund what you owe us? Do
you think that is fair? Do you think that is legal?" --Bob Lyons
A Letter from Dave Urbanek, TRS Director of Communications:
Since the
founding of TRS in 1939, members have paid 100 percent of the
contribution estimated by actuaries to "fully fund" the System each year. The
state's contribution in each year has never reached 100 percent of the amount
required by actuaries to "fully fund" TRS.
There are
several ways to compare the contributions from members and from the state. In
terms of meeting the "actuarial requirement," the state's share has
ranged widely between 24 percent of what's needed and 92 percent of what's
needed in any one year. If you compare the contributions of the two groups in
terms of "total revenue" into TRS, over the last 20 years the state
has contributed 24 percent and members have contributed 20 percent. If you look
at it the annual cost of pensions, in 2013 the cost of TRS pensions equaled 17.3
percent of the total annual payroll of all active TRS members in Illinois. Of
that 17.3 percent, members paid 9.4 percent and the state paid 6.33 percent.
The rest was paid by local school districts and the federal government.
Between 1970 and 2013, because it has not fully funded TRS, the state has redirected [or STOLEN approximately $15 billion] from the System for other budget priorities... We can only estimate roughly what the System's funded status would be if the state had paid TRS everything that the actuaries required since 1970... With investment income added in, it is quite probable that if that $15 billion had been delivered to TRS that the System would right now be fully funded.
TRS currently has an unfunded liability of $53 billion. We only have 42 percent of the money on hand right now to meet accumulated obligations over the next 30 years.
Between 1970 and 2013, because it has not fully funded TRS, the state has redirected [or STOLEN approximately $15 billion] from the System for other budget priorities... We can only estimate roughly what the System's funded status would be if the state had paid TRS everything that the actuaries required since 1970... With investment income added in, it is quite probable that if that $15 billion had been delivered to TRS that the System would right now be fully funded.
TRS currently has an unfunded liability of $53 billion. We only have 42 percent of the money on hand right now to meet accumulated obligations over the next 30 years.
Dave Urbanek, TRS Director of Communications
Update from Bob Lyons (includes 2014 for a revised unpaid
total)
Looking at the
differences between what was received and what should have been paid is
especially significant by decades:
FY 1970-1979
Actuarial
Requirement -- $1,741,648,000 Actual Payment -- $1,144,593,000 Not Paid and
Owed -- $597,055,000
FY 1980-1989
Actuarial
Requirement -- $3,938,171,000 Actual Payment -- $2,191,340,000 Not Paid and
Owed -- $1,746,831,000
FY 1990-1999
Actuarial
Requirement -- $9,221,060,000 Actual Payment -- $6,779,300,268 Not Paid and
Owed -- $2,441,760,000
FY 2000-2009
Actuarial
Requirement -- $15,887,886,000 Actual Payment -$9,579,881,000 Not Paid and Owed
-- $6,308,005,000
FY 2010-2014
Actuarial
Requirement -- $16,792,765,000 Actual Payment -- $13,124,345,000 Not Paid and
Owed -- $3,668,420,000
Not Paid to the Teachers’ Retirement
System by the State of Illinois: $14,762,071,000.
[...Sorry for the conflicting data in this post. Bob Lyons corrected the TRS calculations twice.]
[...Sorry for the conflicting data in this post. Bob Lyons corrected the TRS calculations twice.]
Why is it that this is not reported anywhere else but in places like this?
ReplyDeleteStupid question, I know...but it still bugs me.
ILLINOIS IS BROKE should be advertising this and supporting a graduated income tax instead of blaming teachers for the State's financial woes.
ReplyDeleteThis data appears to exclude the pension obligation bonds...
ReplyDelete