In a Chicago Tribune story yesterday, Diane Rado reported on a Tribune investigation into how the Illinois Teachers Retirement System (TRS) has used legal exemptions to waive many penalties for school districts that boosted salaries of covered workers soon before retirement, boosting their pension costs.
In a table showing the penalties compared to the amount actually paid, for example, New Trier Township was assessed over $500,000 in penalties, but actually paid only $13,000, or just 2% of the amount levied.
Asked about the results, a TRS spokesman reportedly stated “TRS does not comment on the pros and cons of public pension policies and laws enacted in statute by state government.”
It seems difficult to square this escape route with the TRS website, which includes a “Legislation and Issues” page with extensive commentary on public pension policies and laws.