Tier II members may retire at age 62 with 10 years of service, but will receive retirement benefits reduced 6 percent for every year the member is under age 67. 30 years x 2.2% = 66% • 66% x $3,800 FAC = $2,508.00 per month, or $30,096.00 annually. An officer age 50 or more with 20 years of creditable service is entitled to a pension equal to 50% of the salary attached to the rank on the police force at the time of retirement (or the average salary Ten years of service is equal to 22% of the member’s average salary before any age reductions. The pension is equal to 2.5% of his or her “final average salary” for each year of service. TIER 1—PENSION WITH 20 YEARS OF SERVICE. The Benefit Calculator does not accommodate calculations of Tier 1 conversions from disability to retirement benefits, Tier 1 dependent benefits, or any Tier 2 benefits. “On average and over a five-year period, the recommended fixes to Tier 2 benefits are estimated to offset between $70 and $95 million of the $820 million to … Based upon our experience with members, we have … If you retire at age 67 or older, you will receive a pension increase of 3% or one-half of the Consumer Price Index for the preceding year, whichever is less, every year on January 1, following your first full year of retirement. Tier 2 Frequently Asked Questions SERS is committed to responding to questions from our members and retirees. What are the changes in the benefit formula? 2 . Please contact the Illinois Department of Insurance Public Pension Division at DOI.Pension@illinois.gov with questions. A Tier 2 officer is eligible for retirement benefits at age 55 upon attainment of 10 years of service. For Tier 2, your FAS is defined as the highest 8 consecutive years (96 months) of salary within the last 10 years of service. Annual Pension Increase.
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