Aurora Education Association-West
www.AEAW.org


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TRS Fall Member Meetings
The Illinois Teachers Retirement System (TRS) is hosting a series of meeting that are designed to explain the retirement process and to provide you with information about disability, death, and insurance benefits.  Below is a listing of some meetings close to Aurora:

City

Location

Room

Address

Date

Aurora

West Aurora High School

Cafeteria

1201 W New York St

October 20

DeKalb

DeKalb High School

Forum Room (A-183)

501 W Dresser

October 1

Geneva

Geneva High School

Auditorium

416 McKinley Ave

September 24

Naperville

To Be Determined




Plainfield

Troy CCSD #30C

Administration Center

5800 W Theodore St

October 14

Warrenville

Hubble Middle School

Auditorium

35600 Herrick Rd

November 10

Here is a link for additional meeting locations and dates.

August 28: Back to School Social

Join us at Luigi's Pizza on Prairie in Aurora for free food and over $400 of prize give-a-ways from 3-5 pm!

August 7: SCORE Grants

 The Illinois Education Association announces the availability of grant funds. The purpose of SCORE is to encourage early career members (first ten years of working in education) and their local associations to collaborate and create opportunities for community service projects or school projects. Proposals should be substantive and meaningful. They should build visible foundations for deeper relationships with students, families and communities. Additionally, IEA wants to foster the deeper value of the association in the life of our members and identify new leaders to carry forth the mission and goals of IEA. The 2015-2016 Application Process is now open.  Apply Here!

March 18: AEA-W Scholarships

March 18 is the deadline for two scholarships the AEA-W offers each year. The first scholarship is for the child/guardian of an AEA-W member that is graduating from high school who are going into any major in college.  The second scholarship is for students at West High that are graduating from high school who are going to major in Education in college.

May 9: Region 40 Legislative Breakfast
BHS Chair Treasurer

March 13: Bowl for Kids Sake
BFKS 2015

March 5: Feed My Starving Children
FMSC aea-w fmsc aea-w fmsc 2

February 26: AEA-W General Meeting

Feb 26 General Meeting

President VanNessa Greer presented information on the AEA-W's response to the School District's restructuring plan for the 2015-2016 school year. Information was also discussed about Contract Negotiations for next year and the upcoming PARCC testing.

February Cereal Drive

Food Drive 1Food Drive 2Food Drive 3

Members collected 1135 pounds of cereal, about 1300 boxes of cereal, this February for the Aurora Interfaith Food Pantry.

Save Money With California Casualty Insurance

 

Defined Benefit vs. Defined Contribution Plans

Defined Benefit

A defined benefit plan is a pension plan that pays out a defined amount based upon a formula. One cannot outlive the benefit. In addition, the benefit does not change or drop when stock markets falter.

In the Teachers Retirement System (TRS), the current formula is defined as 2.2 percent times final average salary times years of creditable service.

Defined Contribution

In a defined contribution plan, like a 401(k), 403 (b), or 457 plan, only contributions are defined. The member’s benefit is not. The pension plan is determined by how well the member invests the account and market conditions at retirement. Unfortunately for some, earnings may fall short, or the member may outlive the defined contribution account.
Why change?
Defined Contribution Will Not Save Money
A few states have adopted defined contribution plans for their new employees. The savings, however, are illusory. Most of the state’s obligation to TRS is for contributions not paid during the past several decades. The deferred cost of underfunding cannot be eliminated by switching to a defined contribution scheme. In fact, it is likely that a defined contribution plan would cost more:
  • Changeover costs to a new defined contribution plan would be significant.
  • Ongoing costs for a defined contribution plan would be much higher than a defined benefit plan and would restrict growth of the defined contribution account balance.
  • In fiscal year 2006, the expense ratio of TRS was about 0.30 percent of assets; the average expense ratio of a private sector “target-date” defined contribution retirement fund was 1.29 percent, or 4.3 times higher.
  • Defined contribution plans typically do not include real estate and private markets, assets that each earned over 20 percent last year for a well-diversified TRS investment portfolio.

Reasons to Keep the TRS Defined Benefit Plan

  • Cost.Current defined benefit plans for state and school district employees are neither excessive nor expensive.
  • Continuity.Defined benefit plans encourage long-term teaching careers.
  • Protection.Illinois teachers do not have a Social Security safety net, so the defined benefit plan is the only guaranteed protection for their retirement security.
  • Performance. TRS investment performance ranks in the top quarter of all public funds for the past 10 years.

Keep Up to Date with the Legislative Process in Springfield

IEA is constantly following the the goings-on in our state capitol. Here is the latest news at the Capitol Report.

Help Your Classroom Win $200

Enter to win one of 12 monthly prizes of $200 each to be used towards supplies, equipment or materials for your classroom. This program is sponsored by NEA Members Benefits Auto and Home Insurance. Get your Auto Quote at California Casualty and be sure to press the Yes button when prompted on the "Help Your Classroom Program" question during the quote process. No purchase necessary to enter or win. For additional information call 1-800-964-3903, extension 5954.
 


Contact Us

Email or call with questions
srobowski@sd129.org
(630) 301-5537