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. Ten years of service is equal to 22% of the member’s average salary before any age reductions.
30 years x 2.2% = 66% • 66% x $3,800 FAC = $2,508.00 per month, or $30,096.00 annually. 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. 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. 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. 2 . Based upon our experience with members, we have …
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. TIER 1—PENSION WITH 20 YEARS OF SERVICE.
“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 … 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 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?
The pension is equal to 2.5% of his or her “final average salary” for each year of service.
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