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Credited Service
Eligibility
When hired, you become a member of SERS and mandatory contributions are automatically credited to your account.
Monthly Employees | Daily(Per Deim) Employees | Hourly Employees | Monthly Credit |
---|---|---|---|
15 calendar days or more |
10 work days or more |
75 hours or more |
1 |
8 thru 14 calendar days |
5 thru 9 work days |
38 - 74 hours |
1/2 |
less than 8 calendar days |
less than 5 work days |
less than 38 hours |
1/4 |
Contributions
Contributions are based on a percentage of total compensation, including overtime pay. With certain exceptions, all members who join SERS must contribute to Social Security.
Regular Retirement Formula
Members with Social Security 3.5% (pension) + .5% (survivors') = 4.0% Total
Members without Social Security 7.0% (pension) + 1.0% (survivors') = 8.0% Total
* If you have no eligible survivors when you retire, you will receive a refund of the survivors' portion of your contributions.
Alternative Retirement Formula
Members with Social Security 8.0% (pension) + .5% (survivors') = 8.5% Total
Members without Social Security 11.5% (pension) + 1.0% (survivors') = 12.5% Total
* If you do not qualify for the alternative formula when you retire, you will receive a refund of the alternative formula contributions in excess of the regular formula contributions.
NOTE: Beginning on or after January 1, 2011, annual compensation on which contributions are taken cannot exceed $106,800. This amount increases annually by 3% or one-half of the Consumer Price Index, whichever is less.
Employer Pick-Up
Some state employees have all or a portion of their contributions “picked-up” or paid, by the State of Illinois. The elected official who oversees your agency, board or commission determines whether your agency participates in the Employer Pick-Up Program and the pick-up percentage.
If you receive a lump sum refund of contributions, the employer pick-up contributions are included, along with any contributions which may have been deducted from your pay. The employer pick-up is also included in the calculation of any death benefit involving member contributions.