Federally-funded Salary Contribution Rate Increase
The 2009-10 employer contribution due on federally-funded salaries is expected to increase to 23.38 percent. The 23.38 percent contribution rate for 2009-10 is the rate certified by the TRS Board of Trustees as the required 2009-10 state funding rate under current law.
The increase is due to two factors. First, fiscal year 2010 is the last year of the statutory "ramp" requiring increased state contributions. Second, actuarial losses, mainly due to investment losses and asset sales, occurred during fiscal year 2008 that will require increased state contributions beginning in fiscal year 2010.
If the funding law is changed, TRS will immediately notify employers of the revised rate for fiscal year 2010.
Other Contribution Rates
No changes are expected in member retirement contributions, employer retirement contributions, or THIS Fund contributions. Statutory changes would be required to increase retirement contributions. Another state agency determines THIS Fund contributions by administrative rule and has not indicated that changes are planned.
Contribution Rates
| Contribution Type |
2007-08 |
2008-09 |
Preliminary
2009-10 |
| TRS Contributions |
| Member TRS retirement
contribution |
9.40% |
9.40% |
9.40% |
| Employer TRS retirement contribution |
0.58% |
0.58% |
0.58% |
| Employer TRS contribution on federally-funded salary |
13.11% |
17.08% |
23.38% |
| THIS Fund Contributions |
| Member THIS (insurance) contribution |
0.84% |
0.84% |
0.84%* |
Employer THIS
(insurance) contribution |
0.63% |
0.63% |
0.63%* |
* Governor's Office of Management and Budget to confirm at a later date.
If you have questions, e-mail us at employers@trs.illinois.gov or call (888) 877-0890.
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