Illinois Employment Benefits Package
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FAQ
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.
"Pay or play" penalties Large employers (50+ full-time employees or full-time equivalents) generally must offer ?minimum essential coverage? to their employees or pay a penalty. There is no requirement for small employers to offer coverage.
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).
Employee benefits packages include non-salary compensation like health care coverage, retirement benefits, and paid time off. Federal law requires employers to offer benefits like COBRA, FMLA, and minimum wage standards; many states mandate further coverage including disability, workers comp, and additional leave.
As a State of Illinois Employee, you will receive a robust benefit package that includes the following: A Pension Program. Competitive Group Insurance Benefits including Health, Life, Dental and Vision Insurance.
?Monthly Contributions ?Employee Annual SalaryAetna HMOQuality Care Health Plan??$60,701 - $75,900?$176$190?$75,901 - $100,000?$195$209??$100,001 & above$249$263?$125,001 & Over?$282$296?3 more rows
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).
Your retirement benefit is based on your total JRS credited service, age and salary and uses the following formula: 3.5% for the first 10 years of service; 5.0% for each year after 10 years.
