Alpha Beta is updated about Teacher Retirement System
On Feb. 8, Alpha Beta Chapter met via Zoom to hear Rich Frankenfeld, director of outreach with Teacher Retirement System, to present a review of the history and learn the updates concerning the Teacher Retirement System. Presently, he is in the process of holding “time to retire” meetings.
Founded in 1939 to benefit the teachers outside of Chicago, the TRS was to provide retirement, disability and survivor benefits. (Chicago teachers have their own retirement system.) TRS is overseen by a board of trustees consisting of 15 with eight trustees appointed by the governor, five elected by active teachers and two elected by retirees. Revisions have occurred over the years. For example, in 1990 retirees were granted a 3% COLA (Cost of Living Allowance). In 2011, Tier 2 was created for new teachers being hired. Also, new programs have been added for individuals to increase their personal investments.
The TRS is funded by the state of Illinois (41.5%), investments (40.34%), active teachers (15.75%), and employers (2.34%). As of June 30, 2021, TRS investments totaled $62.5 billion. Over a period of the last 40 years, TRS has had an average of 9.17% increase of investment funds. TRS is protected by the State Constitution, which states: “Membership in any pension or retirement system of the State … shall not be diminished or impaired.” Illinois is also one of the few states that does not tax its pensions.
Co-President Lou Ann Jacobs (Normal) encouraged members to attend the upcoming Illinois Convention, which will be held April 29-May 1 at the Crowne Plaza Hotel in Springfield. A pre-convention tour to the Abraham Lincoln Presidential Library and Museum is planned for Friday afternoon. It has been two years since our state has had an in-person convention. It will be a great opportunity to meet up with members of other chapters.
Nominations Chair Nancy Wier (Fairbury) announced that most of the Alpha Beta officer positions for the 2022-24 biennium have been filled.
Vice-President Marcia Wahls (Chenoa) said the deadline to apply for Alpha Beta $200 grants is rapidly approaching for high school senior and college junior women wanting to be teachers. Call 309-830-9856 or email marciawahls@gmail.com.
Creative Arts Chair Barb Baumann (Minonk) announced that the Creative Arts Retreat, which will be held on June 21-23 at Allerton Park in Monticello, still has a few openings. Also, she asked members to donate works of art to sell at the Art Mart during the convention.
Communications and Publicity Chair Carol Hughes (Roanoke) said that the August mandate from Gov. JB Pritzker concerning masks being worn in the school will not allow the Newscaster to publish photos taken after that date unless the individuals are wearing masks.
The next meeting will be held on March 19 at Edinger’s Restaurant in Pontiac. Members are to bring a 300-350-page hard back book with nice binding, small centimeter ruler, and mechanical pencil for “Book Folding Craft — From Book to Heart,” by Barb Baumann.
The Delta Kappa Gamma Society International (DKG) promotes professional and personal growth and excellence in education. The Society has chapters in 17 countries and provides grants for educational projects, scholarships, leadership training, mentoring, and global networking opportunities. For more information, visit www.dkg.org or contact Carol Hughes at chughes@mtco.com.
This article originally appeared on Pontiac Daily Leader: Alpha Beta is updated about Teacher Retirement System at meeting
