Public Accountability Report Public Accountability Report

2025 To Provide Retirement, Death, and Disability Benefit(s)
Mission Statement The Teachers' Retirement System (TRS) will deliver expert pension service to Illinois public educators as they earn their promised retirement security.
Program Goals and Objectives
  1. Uphold and expand TRS's discipline in monitoring and advising on funding matters.
    1. Assess and identify improvement opportunities for how TRS implements its role in advising on TRS funding matters.
    2. Determine TRS's role in advising on TRS funding matters.
    3. Evaluate and further mature TRS's risk-monitoring processes.
  2. Align TRS's services with customer preferences and best practices.
    1. Proactively understand member and employer service needs and preferences.
    2. Align the customer service operating model with member and employer needs and preferences.
    3. Deliver member education in alignment with member needs and preferences.
    4. Deliver employer training in alignment with employer needs and preferences.
  3. Create a "One TRS" culture that engages, inspires, and motivates.
    1. Clarify TRS's identity, culture, and brand.
    2. Improve organizational change management capabilities.
    3. Streamline and align operational policies and procedures.
    4. Identify and uphold practices that support an effective board culture.
    5. Expand TRS's leadership efforts in diversity, equity, and inclusion to the broader organization.
  4. Optimize talent to accomplish strategic objectives.
    1. Improve strategic talent management capabilities.
    2. Assess current staffing levels, understand key drivers of recruitment and retention, and develop a talent strategy.
    3. Align compensation and recognition programs to organizational objectives.
    4. Promote career and leadership development.
    5. Strengthen organizational resilience.
  5. Evolve the TRS information technology platform.
    1. Continue to lead cross-divisional implementation efforts for pension system administration modernization.
    2. Create an updated information technology system roadmap for system enhancements, member services pension administration modernization, and cybersecurity.
    3. Position the technology infrastructure to keep pace with changing external conditions.
Source of Funds General Revenue Fund, Education Assistance Fund, Common School Fund, State Pension Obligation Acceleration Bond Fund Statutory Authority 40 ILCS 5/16
Fiscal Year 2026 Target/Projected Fiscal Year 2025 Actual Fiscal Year 2025 Target/Projected Fiscal Year 2024 Actual Fiscal Year 2023 Actual
Input Indicators
Total expenditures - all sources (in thousands) (a) $ 16,477,212.7 $ 15,329,650.6 $ 6,792,913.4 $ 6,306,562.2 $ 6,153,978.7
Total expenditures - state appropriated funds (in thousands) $ 6,804,412.7 $ 6,514,801.3 $ 6,678,662.4 $ 6,240,768.6 $ 6,047,249.9
Average monthly full-time equivalents 278.0 243.6 226.0 227.0 221.0
Investment income (in thousands) N/A $ 6,902,120.4 N/A $ 5,757,907.0 $ 4,427,043.0
Member contributions (in thousands) $ 1,248,919.0 $ 1,224,699.3 $ 1,151,863.0 $ 1,168,677.3 $ 1,109,497.8
Employer contributions (in thousands) $ 125,000.0 $ 123,361.7 $ 110,884.0 $ 132,235.2 $ 124,748.1
Member SSP contributions (in thousands) $ 35,000.0 $ 24,219.4 $ 25,000.0 $ 15,454.8 $ 4,365.0
Employer SSP contributions (in thousands) $ 150.0 $ 182.4 $ 110.0 $ 68.1 $ 25.5
Output Indicators
Number of active members 177,000 174,157 174,000 171,754 169,889
Number of inactive members 158,000 154,395 156,000 151,445 147,329
Number of retirees 121,000 119,914 120,000 118,637 116,991
Number of disabilitants and survivor benefit recipients 14,700 14,481 14,500 14,265 14,026
Annual benefit payments (retirement, survivor, disability benefits) (in thousands) $ 8,800,000.0 $ 8,502,198.2 $ 8,764,133.0 $ 8,191,377.0 $ 7,899,143.0
Number of new benefit claims (retirement, survivor, disability benefits) 5,000 4,993 5,700 5,270 4,837
Number of members taking refunds (withdrawals) 1,750 1,752 1,600 1,685 1,546
Number of benefit estimates 61,000 59,721 62,000 60,381 57,672
Number of adjustments to member records (service purchases, corrections) 2,000 1,990 2,230 2,202 1,799
Number of member phone calls answered 151,000 149,247 147,000 145,741 148,235
Number of members counseled (individual, large groups, teleconferences) 23,000 21,902 23,000 21,757 19,666
Number of TRS-covered employers 996.0 995.0 995.0 995.0 995.0
Number of employer phone calls 18,000 19,406 28,800 28,322 28,342
Number of individual and large group employer training meetings 70.0 60.0 70.0 65.0 75.0
Number of employer field audits 45.0 45.0 50.0 45.0 45.0
Number of employer participants (SSP) 984.0 979.0 986.0 981.0 957.0
Number of member participants (SSP) 13,500 9,867 10,000 5,683 1,453
Outcome Indicators
Member satisfaction survey percentage reporting very satisfied 98.00% 97.70% 97.00% 96.50% 97.30%
Days to process a retirement claim 20.0 14.0 20.0 14.0 19.3
Seconds to answer member telephone calls 145.0 145.0 130.0 131.0 205.0
TRS investment return (net of fees) - 1 year N/A 9.70% N/A 8.80% 7.20%
TRS investment return (net of fees) - 3 years N/A 8.60% N/A 4.90% 10.00%
TRS investment return (net of fees) - 5 years N/A 9.70% N/A 7.80% 7.10%
TRS investment return (net of fees) - 10 years N/A 7.40% N/A 6.90% 7.70%
TRS funded ratio 48.70% 47.80% 47.60% 45.80% 44.80%
Average monthly teacher retirement benefit (not coordinated with Social Security) (in dollars) $ 5,700.00 $ 5,664.00 $ 5,700.00 $ 5,543.00 $ 5,407.00
External Benchmarks
Investment return TRS weighted policy index - 1 year N/A 9.70% N/A 10.60% 7.20%
Investment return TRS weighted policy index - 3 years N/A 8.60% N/A 3.70% 10.00%
Investment return TRS weighted policy index - 5 years N/A 9.70% N/A 7.20% 7.10%
Investment return TRS weighted policy index - 10 years N/A 7.40% N/A 7.00% 7.70%
Efficiency/Cost-Effectiveness Indicators
Administrative expense per member (in dollars) $ 150.00 $ 148.00 $ 144.00 $ 126.00 $ 111.00
Administrative expense as a percentage of total expenses 0.59% 0.54% 0.48% 0.46% 0.42%
Footnotes
Fiscal year 2025 actual Total expenditures - all sources was updated to include all expended amounts for TRS because they are directly attributed to providing retirement, death, and disability benefits.

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