Retirement For Law Enforcement In Illinois
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If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
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FAQ
Illinois' pension funding law dictates the state must contribute more than $11.7 billion to the five state-run retirement systems in the upcoming fiscal year 2026 budget.
Illinois' state and local pension systems' collective funding ratio of 51.6% was also the lowest in the nation. Experts warn pensions with funding ratios below 60% are deeply troubled and plans with funding ratios below 40% are likely to be past the point of no return.
Employees contribute 9.4% out of each of their paychecks to the pension fund. The average retirement benefit is $45,347 per year, or $3,779 per month.
This means that the more deposits you make, the more you'll be able to earn for your pension payments. A recent study found that in order for Canadians to realize full CPP benefits, which amount to about 25% of their income during their lifetime, they would need to work for 39 years.
The State of Illinois Deferred Compensation Plan (“Plan”) is an optional 457(b) retirement plan open to all State employees.
The typical career state pensioner, which excludes employees also qualifying for Social Security, collected $82,478 in benefits in 2021 while the median working Illinois resident earned just $46,634 a year. Over a lifetime, the typical state pensioner receives a median $2.42 million in retirement income.
You may retire at: Age 60, with 8 years of service credit. Any age, when your age (years & whole months) plus years of service credit (years & whole months) equal 85 years (1020 months) (Rule of 85). Between ages 55-59 with 25-29 years of credited service (reduced 1/2 of 1% for each month under age 60).
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).
FAC: Final Average Compensation is the average of the highest consecutive 96 months over the last 120 months of service. These positions are eligible to retire at Age 55 with 20 years of alternative service credit.
