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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.

Emails
The fraudulent emails may provide links, including DocuSign, and allege to provide the member with the option to sign up and receive their monthly SERS benefit payments four days early by providing personal financial information, including bank account information.  SERS does not offer an early benefit payment option or request personal or banking information by email or use of DocuSign.  Please note that our emails are always sent from an srs.illinois.gov email address.

Phone calls and Text messages
Several members have recently reported receiving unsolicited phone calls and text messages from individuals claiming to be associated with SERS.  These individuals initially contact the member by phone call or text message and attempt to set up counseling appointments with the member, generally through a follow-up email and/or text message.  These phone calls have been received on State landlines and State issued cell phones.  SERS does not contract with anyone outside of the agency to contact members about retirement counseling appointments or other financial services. SERS does not cold call members for retirement consultations, and only schedules retirement counseling appointments at the request of the member.

If you receive a suspicious email, call, or text message that purports to be SERS that you suspect is a scam, please report this activity to the SERS call center at 217-785-7444. Information that you provide can help SERS prevent and detect schemes that impact our members. 

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, and

  • 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

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