Retirement Rules For State Government Employees In Illinois
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How Does Illinois Secure Choice Work? Employers are required to automatically withhold five (5) percent of an employee's compensation (up to the annual maximum allowed for IRA contributions each year as provided by the IRS) and then remit the contributions to the Secure Choice Retirement Savings program.
Later in life, when you reach your minimum retirement age, if you worked for the government for 30 years, you can receive full benefits. If you meet the MRA +10 requirements, you can receive reduced benefits. And if you worked for the government for five years, you can receive benefits once you turn 62.
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.
Eligibility. 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).
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.
The State of Illinois Deferred Compensation Plan (“Plan”) is an optional 457(b) retirement plan open to all State employees.
As a State of Illinois Employee, you will receive a robust benefit package that includes the following: A Pension Program.
In the United States, public sector pensions are offered at the federal, state, and local levels of government. They are available to most, but not all, public sector employees. These employer contributions to these plans typically vest after some period of time, e.g. 5 years of service.
