STATE OF ILLINOIS REGIONAL OFFICE OF EDUCATION #40 FINANCIAL AUDIT_part6

CAM KẾT QUỸ nghỉ hưu (Tiếp theo) hệ thống hưu trí của giáo viên A. Nhà nước Illinois (Tiếp theo) Theo ERO đường ống, người sử dụng lao động đóng góp tối đa là 100% của tiền lương cao nhất của thành viên được sử dụng trong việc tính toán tiền lương trung bình cuối cùng. Theo ERO thay đổi, người sử dụng lao động đóng góp tối đa là 117,5%. Cả hai phần trăm trong 100 và 117,5% mức tối đa áp dụng khi các thành viên là 55 tuổi khi nghỉ hưu....
Nội dung trích xuất từ tài liệu:
STATE OF ILLINOIS REGIONAL OFFICE OF EDUCATION #40 FINANCIAL AUDIT_part6 C ALHOUN, G REENE, J ERSEY AND MACOUPIN C OUNTIES R EGIONAL O FFICE O F E DUCATION #40 N OTES T O F INANCIAL STATEMENTS 8. R ETIREMENT F UND C OMMITMENTS (Continued) A. Teachers' R etirement System o f t he S tate o f Illinois (Continued) Under the Pipeline ERO, the maximum employer contribution was 100 percent o f the member's highest salary used in the final average salary calculation. Under the Modified ERO, the maximum employer contribution is 117.5 percent. Both the 100 percent and 117.5 percent maximums apply when the member is age 55 at retirement. For the three years ended June 30, 2009, the Regional Office o f Education #40 paid no employer contributions under the Early Retirement Option. Salary increases over 6 percent and excess sick leave - Public Act 94-0004 added two additional employer contributions to TRS. I f an employer grants salary increases over 6 percent and those salaries are used to calculate a retiree's final average salary, the employer makes a contribution to TRS. The contribution will cover the difference in actuarial cost o f the benefit based on actual salary increases and the benefit based on salary increases o f up to 6 percent. For the three years ended June 30, 2009, the Regional Office o f Education #40 made no payments to TRS for employer contributions due on salary increases in excess o f 6 percent. I f an employer grants sick leave days in excess o f the nonnal annual allotment and those days are used as TRS service credit, the employer makes a contribution to TRS. The contribution is based on the number o f excess sick leave days used as service credit, the highest salary used to calculate final average salary, and the TRS total nonnal cost rate (18.67 percent o f salary during the year ended June 30, 2009). For the three years ended June 30, 2009, the Regional Office o f Education #40 made no payments to TRS for sick leave days granted in the excess o f the nonnal annual allotment. TRS financial infonnation, an explanation o f TRS benefits, and descriptions o f member, employer and state funding requirements can be found in the TRS Comprehensive Annual Financial Report for the year ended June 30, 2008. The report for the year ended June 30, 2009, is expected to be available in late 2009. The reports may be obtained by writing to the Teachers' Retirement System o f the State o f Illinois, P .O. Box 19253,2815 West Washington Street, Springfield, IL 62794-9253. The most current report is also available on the TRS Web site at trs.illinois.gov. This is trial version 46 www.adultpdf.com C ALHOUN, GREENE, J ERSEY AND MACOUPIN COUNTIES R EGIONAL O FFICE O F E DUCATION #40 NOTES T O F INANCIAL STATEMENTS 8. R ETIREMENT FUND C OMMITMENTS (Continued) B. Illinois Municipal Retirement F und Plan Description - The Regional Office o f Education #40's defined benefit pension plan for regular employees provides retirement and disability benefits, post retirement increases, and death benefits to plan members and beneficiaries. The Regional Office o f Education #40's plan is affiliated with the Illinois Municipal Retirement Fund (IMRF), an agent multiple-employer plan. Benefit provisions are established by statute and may only be changed by the General Assembly o f the State o f Illinois. IMRF issues a publicly available financial report that includes financial statements and required supplementary information. That report may be obtained on-line at www.imrf.org. Funding Policy - As set by statute, the Regional Office o f Education #40 regular plan members are required to contribute 4.50 percent o f their annual covered salary. The statute requires employers to contribute the amount necessary, in addition to member contributions, to finance the retirement coverage o f its own employees. The employer contribution rate for calendar year 2008 was 14.33 percent o f annual covered payroll. The Regional Office o f Education #40 also contributes for disability benefits, death benefits and supplemental retirement benefits, all o f which are pooled at the IMRF level. Contribution rates for disability and death benefits are set by the IMRF Board o f Trustees, while the supplemental retirement benefits rate is set by statute. A ...