Erisa Retirement Plan For Teachers In Chicago
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FAQ
Teachers are eligible to retire in IL with a discounted annuity IF they are at least age 55 but have not yet turned age 60 AND have at least 20 years of service credit. Your pension annuity will be reduced ½% for every month you are under age 60 or 6% for every year you are under age 60.
TRS allows for an unreduced retirement annuity with the following: Age 55 with 35 years of service. Age 60 with 10 years of service. Age 62 with 5 years of service.
To receive a pension benefit, you must have a minimum of 10 years of credited service with SERS. You may retire at: Age 67, with 10 years of service credit. Between ages 62-67 with 10 years of credited service (reduced 1/2 of 1% for each month under age 67).
This can be a very useful retirement tool. A 403(b) plan is a good tool to save, particularly if the plan includes matching contributions from the employer.
Qualified plans include 401(k) plans, 403(b) plans, profit-sharing plans, and Keogh (HR-10) plans. Nonqualified plans include deferred-compensation plans, executive bonus plans, and split-dollar life insurance plans.
Anyone who works for a private-sector organization which sponsors retirement benefits such as pension plan or a 401(k) plan (or 403(b) for non-profits) receives an ERISA-governed benefit that becomes vested; i.e., non-forfeitable so long as the employee works for the employer for a sufficient number of years.
The Employee Retirement Income Security Act (ERISA) covers two types of retirement plans: defined benefit plans and defined contribution plans. A defined benefit plan promises a specified monthly benefit at retirement.