Illinois Employment Compensation Package
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How to fill out Employment Compensation Package?
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FAQ
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.