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  • Form 3967 Depository Agreement For Sers Benefit Payments

Get Form 3967 Depository Agreement For Sers Benefit Payments

STATE EMPLOYEES RETIREMENT OF ILLINOIS 2101 South Veterans Parkway, P.O. Box 19255 Springfield, IL 62794-9255, Phone: 217/524-8806 DEPOSITORY AGREEMENT FOR SERS BENEFIT PAYMENTS Part I - General Information.

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Key takeaways. If you claim Social Security at age 62, rather than wait until your full retirement age (FRA), you can expect a 30% reduction in monthly benefits. For every year you delay claiming Social Security past your FRA up to age 70, you get an 8% increase in your benefit.

The earliest possible age for retirement is 62, but the full retirement age is 67. If you choose to retire early at 62, your monthly payments will be lower. The Social Security Agency (SSA) determines if you're qualified for these benefits based on credits you earn through working.

In calculating the annual COLA, SERS compares the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) at June of the preceding year to the June CPI-W figure of the current year, capped at 2.5%.

Normal Retirement: With 10 years of service you are vested. You are eligible to receive benefits upon reaching age 60. Once you reach 30 years of service or age 60, you are eligible for an immediate benefit without penalties.

Full Retirement and Age 62 Benefit By Year Of Birth Year of Birth 1.Full (normal) Retirement AgeMonths between age 62 and full retirement age 2.195866 and 8 months56195966 and 10 months581960 and later67606 more rows

If you start receiving benefits at age 66 and 2 months you get 100 percent of your monthly benefit. If you delay receiving retirement benefits until after your full retirement age, your monthly benefit continues to increase. The chart below explains how delayed retirement affects your benefit.

The earliest age at which most people can take Social Security retirement benefits is typically 62, but those payments are normally reduced because people usually aren't entitled to 100% of their benefits until 67. People who wait until 70 to retire can receive 124% of their benefits.

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© Copyright 1997-2025
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3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232