Illinois TRS Supplemental Savings Plan Update

Since our last alert on the Illinois Teachers’ Retirement System’s Supplemental Savings Plan (SSP), we have submitted to TRS, in consultation with IASA and IASBO, proposed changes to the TRS’ SSP document to address the fiduciary, administrative, liability, and expense issues presented by the initial plan document. We have not yet received a response from TRS to our proposed changes and understand that TRS is focusing its efforts on completing the software which will be used for school districts’ regular reporting requirements and then applied to the SSP. In Employer Bulletin FY21-11, TRS withdrew the March 31, 2021 deadline for submission of the Employer Participation Agreement adopting the SSP and has not announced another date. It remains our recommendation to take no action on any Employer Participation Agreement with TRS until a satisfactory SSP document is presented. Any action at this time would be premature, given the need and expectation for substantially revised documents and agreements.