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Calculating Your Formula. Coordinated: 1.67% for each year of service. Non-Coordinated: 2.2% for each year of service. Coordinated Example: The member is coordinated with Social Security, is 60 years old, has 30 years of credited service, and a final average compensation of $3,600 per month.
Pension Estimate Calculator now available on your Member Services account. More information Pension Estimate Calculator Training Video
State Employees Pension Calculators. SERS: SERS is a $15.6 billion public employee retirement system, serving over 158,000 members and beneficiaries of the states’ agencies and boards.
The regular retirement formula applies to most SERS members. The regular formula is 1.67% of final average compensation (FAC) for each year of service for employees contributing to Social Security (covered) and 2.2% of FAC for each year of service for employees not contributing to Social Security (non-covered).
See the charts on pages 9 and 10 that give a percentage figure to apply to your final average salary to find your pension amount on an annual basis. Effective Date of Retirement
1 Ιαν 2011 · * If you are a TRS member currently employed by a state of Illinois agency, you may retire under the Rule of 85 if you meet eligibility criteria. Contact TRS to see if you qualify.
Tier II members may retire at age 62 with at least 10 years of service, but will receive retirement benefits reduced 6 percent for every year the member is under age 67. Ten years of service is equal to 22 percent of the member’s average salary before any age reductions. Benefit formulas.
