SERS workshop outlines Tier 2 retirement steps, timelines and benefit choices

State Employees' Retirement System (SERS) staff held a workshop for Tier 2 members to walk through retirement planning tools, eligibility rules and the steps required to file a pension application.

The presentation, aimed at members who became SERS participants on or after Jan. 1, 2011, covered how to use SERS' online account and calculators, deadlines for filing retirement paperwork, options for buying service credit, how sick and vacation time affect pension calculations, survivor and reversionary elections, disability benefits, and retiree insurance rules.

SERS staff opened by pointing attendees to srs.illinois.gov and the SERS member services email and call center in Springfield. "We always confirm back to you that we have the documents," the SERS counselor said, stressing that emailed documents routed to the SERS inbox receive confirmation and are faster to process than mailed or faxed submissions.

The workshop highlighted key eligibility rules for Tier 2 members: vesting requires 10 years of service credit; a regular‑formula member is eligible for unreduced retirement at age 67 with at least 10 years of service or for a reduced benefit as early as age 62 (reduction of 0.5 percent per month under age 67). Alternative‑formula employees, such as corrections staff, generally qualify at age 60 with 20 years of service. SERS calculates final average compensation (FAC) using the highest consecutive 96 months within the last 10 years for Tier 2 members.

Staff revie…