Illinois Employment Compensation Package refers to the comprehensive set of benefits and entitlements provided to employees in the state of Illinois as part of their employment agreement. It includes various components designed to provide financial security, assistance, and support to workers during various employment-related scenarios. The Illinois Employment Compensation Package encompasses different types of compensation, such as: 1. Salary/Wages: This is the basic pay that an employee receives for their work. It is typically determined based on factors such as job role, experience, and market rates. 2. Health Insurance: Illinois employers often offer health insurance coverage as part of the compensation package. This includes medical, dental, and vision coverage, which helps employees in managing their healthcare expenses. 3. Retirement Benefits: Employers may provide retirement benefits, such as a 401(k) plan, allowing employees to save and invest for their post-retirement years. Some employers also offer a matching contribution to encourage employees' retirement savings. 4. Paid Time Off (PTO): PTO includes vacation days, sick leave, and personal days that employees can use for planned time off or unforeseen circumstances. Illinois Employment Compensation Package may stipulate the number of PTO days and policies around accruing and taking leave. 5. Bonus and Incentive Programs: Employers in Illinois may offer performance-based bonuses or incentive programs to motivate and reward employees for exceptional work or meeting specific goals. 6. Workman's Compensation Insurance: Illinois law requires employers to provide workers' compensation insurance coverage to compensate employees for work-related injuries or illnesses. This package helps employees by covering medical expenses, lost wages, and rehabilitation costs. 7. Maternity/Paternity Leave: Illinois has legislation in place for employers to allow eligible employees to take unpaid leave for maternity or paternity reasons while ensuring job security upon their return. 8. Family Medical Leave Act (FMLA): The FMLA provides eligible employees with up to 12 weeks of unpaid leave during a 12-month period for various reasons, such as the birth or adoption of a child, caring for a seriously ill family member, or their serious health condition. 9. Disability Benefits: Employers in Illinois may offer short-term or long-term disability benefits to provide income replacement in case an employee becomes temporarily or permanently disabled, preventing them from working. 10. Employee Assistance Programs (Maps): Maps are resources that employers provide to employees to support their mental, emotional, and overall wellbeing. These programs may offer confidential counseling, referral services, and resources to help employees navigate personal and work-related challenges. Overall, the Illinois Employment Compensation Package encompasses a variety of benefits and entitlements aimed at attracting and retaining skilled employees, promoting work-life balance, and ensuring employee welfare and financial security.
Illinois Employment Compensation Package
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The State of Illinois Deferred Compensation Plan (?Plan?) is a supplemental retirement program for State employees. Contributions to the Plan can be made on a pre-tax or Roth basis through salary deferrals.
For employees, the key benefit of a 457(b) plan is that the savings are tax-deferred: Contributions are made on a pre-tax basis, reducing taxable income and growing tax-deferred until withdrawal. 457(b) plans also have the advantage of catch-up options.
Competitive Group Insurance Benefits including Health, Life, Dental and Vision Insurance. 3 Paid Personal Business Days annually. 12 Paid Sick Days annually (Sick days carry over from year to year) 13 Paid Holidays annually, 14 on even numbered years.
The State of Illinois Deferred Compensation Plan (?Plan?) is a supplemental retirement program for State employees. Contributions to the Plan can be made on a pre-tax or Roth basis through salary deferrals. The combined pre-tax and Roth contributions cannot exceed the limit set by the IRS.
The amount you can defer (including pre-tax and Roth contributions) to all your plans (not including 457(b) plans) is $22,500 in 2023 ($20,500 in 2022; $19,500 in 2020 and 2021; $19,000 in 2021).
State Employment Benefits A Pension Program. Competitive Group Insurance Benefits including Health, Life, Dental and Vision Insurance. 3 Paid Personal Business Days annually. 12 Paid Sick Days annually (Sick days carry over from year to year) 13 Paid Holidays annually, 14 on even numbered years. Flexible Work Schedules.
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).
Parental Leave: All State of Illinois employees are eligible for 12 weeks of parental leave for birthing and non-birthing parents. Pension: All employees, including new hires, will contribute to the retirement pension system at a minimum of 4% pre-tax rate when they start with the state.