Proposed Illinois SB 512 would make pension changes that would affect employees who currently participate in the Teachers’ Retirement System (TRS). Under the proposal, TRS-participating employees would have to select one of three pension plan options:
- Remain in the plan with the current TRS benefits but pay a higher contribution rate,
- Change to the “Tier II” plan and pay a lower contribution rate, or
- Participate in a 401(k) type plan.