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Important Information Regarding Fraud Attempts

SERS members have recently been targeted by a variety of phishing scams, including emails, phone calls, and text messages that attempt to impersonate or imply affiliation with SERS.  Visit https://ilsrs.illinois.gov/alerts.html for additional information.

Pension Estimate Calculator now available on your Member Services account. More information

 

Pension Estimate Calculator Training Video

SERS Tier 2 Salary Limits

Salary Limitations/Cola Increase

In accordance with state law, the Department of Insurance (DOI) is to annually determine certain annuity limitations for use in benefit determinations by the Retirement Systems and Pension Funds operating under the Illinois Pension Code. The calculations include:

The retirement Cost of Living Adjustment ("COLA") applicable to Tier 2 participants:

  • The annual salary maximum applicable to Tier 2 participants.
  • The annual increase to be used in determining the COLA for Tier 2 is derived from the change in the Consumer Price Index-Urban ("CPI-U") for the 12 months ending with the September proceeding each November 1. State statute requires that the DOI provide these calculations to impacted Retirement Systems and pension Funds by November 1 of each year.

For the State Employees' Retirement System (SERS) the annuity COLA and the increase in the annual salary maximum equals the lesser of 3% or half the CPI-U. The following table outlines the COLA to be applied and the maximum salary for Tier 2 annuity purposes by calendar year.

Calendar Year Prior Year CPI-U 1/2 CPI-U Tier 2 COLA or Annuity increase Tier 2 Annual Earnings, Salary or Wages Maximum

2011

n/a

n/a

3.00 %

$106,800.00

2012

3.90%

1.95%

1.95%

$108,882.60

2013

2.00%

1.00%

1.00%

$109,971.43

2014

1.20%

0.60%

0.60%

$110,631.26

2015

1.70%

0.85%

0.85%

$111,571.63

2016

0.00%

0.00%

0.00%

$111,571.63

2017

1.50%

0.75%

0.75%

$112,408.42

2018

2.20%

1.10%

1.10%

$113,644.91

2019

2.30%

1.15%

1.15%

$114,951.83

2020

1.70%

0.85%

0.85%

$115,928.92

2021

1.40%

0.70%

0.70%

$116,740.42

2022

5.40%

2.70%

2.70%

$119,892.41

2023

8.20%

4.10%

3.00%

$123,489.18

2024

3.70%

1.85%

1.85%

$125,773.73

2025

2.40%

1.20%

1.20%

$127,283.01

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