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Refunds FAQs
- 1. How long does it take to receive a refund from SERS?
- 2. I am leaving state service and want to take a refund. When can I apply, and what forms do I need?
- 3. Can I get a refund for the state-paid portion of my contributions?
- 4. Can I take a partial refund and leave the rest of the money in my SERS account?
- 5. Is there a hardship provision for withdrawing money from my SERS account?
- 6. Can I borrow money from my SERS account?
- 7. Is interest paid as part of a refund?
- 8. Can my refund of contributions be divided because of a divorce?
Refunds are generally paid within 60-90 days from date of application. SERS must first confirm and certify with the employing agency that payrolls have cleared and employment has terminated.
The law governing SERS requires that you be off the payroll for 14 days before you are eligible and can apply for a refund. Federal law mandates that we advise you of the amount in your SERS account and the tax consequences for receiving a refund.
When you terminate state employment, you are eligible for the employee contributions paid by you or "picked-up" by the State of Illinois.
If you take a refund, you can only receive the full amount.
You may not withdraw money from your SERS account for a hardship provision.
You may not borrow money from your SERS account for any reason or condition.
No. By law, you are entitled to receive the employee contributions only.
Yes, if a Qualified Illinois Domestic Relations Order has been issued by an Illinois Court. A QILDRO does not establish a new benefit, nor does it create a new member or beneficiary. Generally, the QILDRO orders the payment of a benefit to the spouse as the alternate payee. It may also be payable to a child or other dependent as the alternate payee. The QILDRO does not apply to lump sum death benefits, survivor annuities, or disability benefits. (QILDRO information and forms.)