Illinois Employee Retirement Agreement
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How to fill out Employee Retirement Agreement?
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FAQ
If you previously worked in a recognized private school, you may be eligible to purchase up to 2 years of service credit. Call us at (877) 927-5877, Monday through Friday, am to pm, to request a Recognized Illinois Non-public Service Certification form. Retired members are not eligible for this credit.
Rule of 75 This rule states that you must be a minimum of 55 years of age and have a minimum of 10 years of continuous full-time service; if you meet both minimums, then the total of your age and years of service must equal at least 75.
Many pension plans follow the Rule of 85, which says that if your age and years of service to your employer total at least 85, then you can retire early without giving up any of your pension benefits. This calculation is by no means universal.
The full retirement age is 66 if you were born from 1943 to 1954. The full retirement age increases gradually if you were born from 1955 to 1960 until it reaches 67. For anyone born 1960 or later, full retirement benefits are payable at age 67.
You can apply for retirement benefits at your local SSA office, by phone at 800-772-1213 (TTY 800-325-0778), or online.
Service credit is simply a measure of how long you worked in a SERS position. Tier 1 members can retire with full pension benefits once they are 60 if they have at least eight years of service credit. They may retire between the ages of 55 and 60 with 25-30 years of service credit.
There is a general rule of thumb: When saving for retirement, most experts recommend an annual retirement savings goal of 10% to 15% of your pre-tax income.
The current Modified rule of 75 reads: Age and service must equal 75, and you must be a minimum of 50 years old with one exception ? you qualify for retiree benefits when you have 30 years of net credited service at any age. Here's how it maps out: You qualify if you are: 50 years old with 25 years of service.