State Employees’ Retirement System

Illinois State Police

ISP

State Employees’ Retirement System

2101 South Veterans ParkwayP.O. Box 19255Springfield, IL 62794-9255

217-785-7444Email: sers@srs.illinois.gov

srs.illinois.gov

(Revised 09/25/2020)

Thank you for taking time away from your busy work schedule to attend the Illinois State Police (ISP) workshop. Our workbook should be a useful tool for your questions about retirement. The staff of SERS is also available to answer any of your questions.

The ISP workshop addresses benefits, financial planning, deferred comp, sick/vacation time, social security, and estate planning. Use this workshop and the corresponding workbook to further establish a firm foundation towards retirement.

If you have retirement questions, contact our SERS Call Center at 217-785-7444.

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General Contact ResourcesSpringfield Office217-785-7444

Web Address:www.srs.illinois.gov

Welcome to the Workshop for

State Police &Alternative Formula

Tier 2

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Topics• Benefits• Insurance• Financial Planning• Deferred Comp• Sick/Vacation Days• Social Security• Estate Planning

ImportantMake sure that you sign in

Evaluation Form will be sent by email

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Valuable Resources• SRS website – www.srs.Illinois.gov

• SERS O GRAM – mailed twice a year

• HANDBOOK – no longer being printed, online access.

• ANNUAL BENEFIT STATEMENT –effective on 6/30 each year.

Morning Agenda8:30 – 10:00 Introduction

EntitlementsSick / Vacation

10:00 – 10:15 Break11:00 – 11:30 Deferred Compensation11:30 – 12:00 Social Security Entitlements

Afternoon Agenda12:00 – 1:00 Lunch1:00 – 2:15 Estate Planning2:15 – 2:30 Break2:30 – 4:00 Estate Planning

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Name Beneficiary• Keep current• Name and address change• How you identify• Minors• Your estate is your beneficiary• Changing SERS beneficiary form

– Does not change• Life Insurance• Deferred Compensation

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Benefits

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How Soon? | Tier 2• Alternative Formula

– Age 60 with 20 years of alternative service credit

ContributionsAlternative Non-Coordinated

Alternative Non-Coordinated

Retirement 11.5%Q Survivor 1.0%

Total 12.5%

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Final Average CompCalculation Tier 2Hired after 1/1/2011

• Average 96 highest consecutive months

• Within the last 120 months• Maximum salary of $115,928.92*• This amount increase annually

by 3% or ½ of CPI, whichever is less*Figure as of 2020

Tier 2Alternative Formula EmployeesNon-Coordinated

• State Police

• Firefighters

• Conservation Police Officers

• Secretary of State Investigators

• Commerce Commission Police Officers

• Gaming Board Investigators

• Department of Revenue Investigators

• Arson Investigators

Coordinated Security Employees

• Dept. of Corrections

• Juvenile Justice

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Maximum Pension80%26 years, 8 months

ISP Formula Tier 2Years of Service Credit

X 3.0% X FAC = Pension

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COLA Increase | Tier 2

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 3.00% $106,800.002012 3.90% 1.95% 1.95% $108,882.602013 2.00% 1.00% 1.00% $109,971.432014 1.20% 0.60% 0.60% $110,631.262015 1.70% 0.85% 0.85% $111,571.632016 0.00% 0.00% 0.00% $111,571.632017 1.50% 0.75% 0.75% $112,408.422018 2.20% 1.10% 1.10% $113,664.912019 2.30% 1.15% 1.15% $114,951.832020 1.7% 0.85% 0.85% $115,928.92

If you do not meet eligibility• Pension will be calculated

at lower rate• Refund at 4.5%• Must meet regular

formula eligibility

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• Occupational• Non-Occupational

Contact Your Retirement Coordinator

Disability

Disability

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• 75% of your Final Average Compensation for Tier 2.

• Worker’s Compensation pays 66 2/3, SERS pays 8 1/3.

Occupational Disability

Requirements:• Member of SERS.• Filed a claim with, and receive

benefits from, the Worker’s Compensation Act.

• Filed the required forms with SERS.• Members DO NOT have to use any

benefit time for OCC or a TEMP disability benefit.

Occupational DisabilityJob Related

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• If their WC claim was denied they MUST file for Temporary disability benefits.

• SERS will pay occupational disability while the member is receiving Temporary Total Disability (TTD) from WC or if a member has received a settlement.

• WC claims for State employees are handled by Tristar. Employees of the Toll Highway are handled by CorVel.

• Once WC start paying the member, then SERS can start paying benefits.

• You reach age 65

• Your disability ends, when Doctor releases you.

• You resume employment

• If your disability begins after age 60, benefits are payable up to 5 years for Tier 2.

Occupational Disability Ends

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Temporary Disability Benefits

ONLY OPTION FOR MEMBERS WHO HAVE HAD THEIR

WORKERS’ COMP. CLAIM DENIED OR THEIR TTD BENEFITS

SUSPENDED OR TERMINATED

MUST HAVE 18 MONTHS OF CREDITABLE SERVICE WITH THE STATE (CAN USE SURS OR TRS

TIME)

MUST WAIT 30 DAYS FROM THEIR DATE LAST PAID TO START

RECEIVING THE BENEFIT

WILL BE REQUIRED TO SUBMIT FORMS SHOWING THEY ARE

APPEALING THEIR WC DENIAL

CAN ONLY BE ON BENEFIT FOR ½ THE TIME THEY HAVE WORKED

FOR THE STATE

• If you were denied by Workers’ Comp., you need to apply for SERS Temporary disability benefit.

• Temporary benefits members have a 30-day waiting period from their date last paid.

• Not required to use sick days.

Remember

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• Disability resulting from causes not related to your occupation.

• 18 months credited service. Only SURS and TRS reciprocal time can be used for eligibility.

• Off payroll for more than 30 days.• Granted a medical leave of absence

approved from your agency.• MUST use all your accumulated sick leave.• Have submitted the required forms.

Non-Occupational Disability

• If WC denies a claim and the member is NOT going to appeal the decision, they can apply for a non-occupational benefit.

• If they want a non-occupational benefit and have had their WC claim denied, they MUST submit a letter to SERS stating they are not appealing their denial.

• The letter MUST say that they are not now, and will not in the future, seek any compensation from the Illinois Workers’ Compensation Commission for their injury or illness.

When a WC claim is denied

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• You exhaust one-half of your credited service

• Your disability ends, your Doctor releases you

• You resume employment• If your disability begins after age

60, benefits are payable up to 5 years for Tier 2 members.

Non-Occupational Disability

• How Long Can I Stay on Non-Occupational Disability?• Eligible for 1/2 of your

active service credit.

Example: worked 10 years, eligible for disability for 5 years

Non-Occupational Disability

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How Much Money?• Tier 2 50% of your FAC

NON-Occupational Disability

NON-OCC Terminated After ½ Time CeasingIf a non-occ benefit is terminated because of ½ time ceasing, but the member is still disabled, they become eligible for an unreduced pension if:

• Member is 60 and has 8 years of credited service

• Member is 55 and has 15 years of credited service

• Member is 50 and has 20 years of credited service

• Member would not receive a COLA until age 60.

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Early Pregnancy LeaveMembers who are taken off work for a medical condition prior to delivery can apply for SERS’ Non-Occ disability. They must supply medical evidence of their need to be off work and must be off work more than 30 days prior to the birth of the baby to qualify.

Pregnancy and Non-Occ DisabilityMembers now receive 10 weeks of maternity leave. Most will no longer qualify for SERS’ Non-Occ disability benefit. If the member has a medical condition that would keep her off work after the maternity leave, the member will need to supply medical evidence to support inability to return to work.This does not apply to Tollway employees.

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My Agency wants me to resign?• Members may resign from their

agency and remain on SERS benefit as long as they continue to meet the eligibility and medical disability requirements.

• Members must be established on SERS disability benefit BEFORE they resign from their agency.

• This allows the agency to post and fill the position.

While on disability with SERS your service credit continues to be applied to your account.

Occupational & Non-Occupational Disability

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Optional Service Purchases• Previously Refunded Service• Military Time

– Maximum of 48 months of active duty

• Service for Leaves of Absence– After 1982 and less than

one year• Sick & Vacation Days

Optional Service

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Public Act 101-0610 Purchases

Alternative Formula Purchases (Tier 2)•Can convert prior regular formula

service to Alternative formula service up to 8 years.

•Must pay difference between employee contributions plus interest from date of service through date of full purchase.

•Must apply within 12 months of 1/1/2020.

Public Act 101-0610 Purchases

State Police Purchases (Tier 2)• May purchase up to 5 years of service if

employed by federal, state or local government located outside of Illinois.

• Must pay employee contributions of the rate of salary received upon entering service as an IL State Police Officer.

• Must pay employers’ rate and interest at the regular rate on the total amounts from first day through the date of full purchase.

• Must apply within 3 years of 1/1/2020.

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Permanent Police Transfer Provisions (40 ILCS 5/14-110)The member will need to contact their former employer / former retirement system and request the transfer and the payback information (if they had taken a refund). The member should also request the former employer / retirement system to provide to SERS the following information:

1. The amount of employee contributions, employer contributions, and interest (if applicable) that will ultimately be transferred to SERS

2. The period of time that is being transferred (start date – end date of service)

3. A monthly breakdown of your salary during that time frame being transferred

4. The number of months / years being transferred5. Validation that you were a full-time officer rather

than a part-time officerThis information should be reported to SERS.

Permanent Police Transfer Provisions (40 ILCS 5/14-110)Eligible Alternative Formula Positions:

1. State Policeman2. Conservation Police Officer3. Investigator for the Secretary of State

May elect to transfer up to 5 years (60 months) from:

1. Article 3 (Downstate Police) – Any Service2. Article 5 (Chicago Police) – Any Service3. Article 7 (IMRF) – Sheriff’s Law Enforcement

Employee (SLEP time only)4. Article 9 (Cook County) – County Police time only5. Article 15 (SURS) – Police time only

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Optional Service PurchasePost-Tax

– Lump sum– Post-tax payroll deduction

Service Purchase Options• Pre-Tax

– Payroll deduction (irrevocable)– Tax-deferred lump sum

• Sick & vacation payment– Rollovers

• Deferred Compensation• IRA• Eligible pension plan

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Reciprocal Time13 SystemsChoice of Retirement

Reciprocal Systems

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Reciprocal TimeMay NOT be used to meet the alternative eligibility

Not all Reciprocal Systems’ time counts towards insurance

Reciprocal TimeMust have at least one year of credit with the other reciprocal system that is non-concurrent time

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• 18 Months of credited service (active)• 96 Months of credited service (inactive)

Spouse/Civil Union Partner

Full-Time Students (unmarried/fulltime)

Disabled Children

Dependent Parent (rare)

$1,000 Lump Sum

Monthly Annuity

Group Insurance Eligibility (possibly)

18 22Spouse/CUP (married 1 year)

50

Survivor Benefits

Death Benefits

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Death Benefits – Active membersNo Qualified Survivors• All contributions plus interest

to nominated beneficiaries or estate.AND• One month's salary for each full

year service credit up to six years.• 6 Months Maximum• 1 Month Minimum

• Survivor Benefits• $1,000 Lump Sum• Monthly Annuity (50% of pension)• Insurance

AND• Retirement contributions portion to

nominated beneficiary plus interest

Death Benefits – Active membersWith Qualified Survivors

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Effective July 1, 2009

Only affects members who contribute to Social Security.

Therefore, your survivor benefits will not be impacted.

Survivor Offset

• Survivor Benefit:• $1,000 Lump Sum• Monthly Annuity if married for

1 year at time of death and survivor contributions are applicable.

• Insurance (possibly)

OR• No Survivor:

• Refund of contribution or $500, whichever is greater to beneficiary.

Retiree Death Benefits

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You make this one-time election to reduce your pension to provide lifetime income to your designated dependent(s):

• Spouse• Any dependent(s) at time of retirement• 10% increments from 10% to 100%

of pension• No COLA increases on the

reversionary amount.

Reversionary Option

Reversionary

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Pension of $4,000$230 per month reduction of pension.Members pension is now $3,770 per mo.

$1,885 per month for survivor to receive the reversionary benefit. In addition to regular survivor benefit

Example: 50% of Pension

Pension of $4,000$433 per month reduction of pension.Members pension is now $3,567 per mo.

$3,567 per month for survivor to receive the reversionary benefit. In addition to regular survivor benefit (50% $1,783.50; which could be subject to the SS Offset.) Max benefit would be $5,350.50 per mo.

Example: 100% of Pension

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The best time to retireEnd of the Year

• Tax Purposes• COLA• Deferred Comp

End of the Month• Insurance Reasons

The Effective Date• First of the Month following

your resignation

To Retire

Retirement Process

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Takes about 6 - 8 weeks from your last check

Regular payment on the 19th of the month. After the 1st check

Is retroactive to the effective date of your retirement.

First Payment

You must resign in writing to your agency.

You must request a pension application packet. (request application 30-90 days prior to your retirement date)

Contact your Retirement Coordinator, contact SERS directly, download and complete on-line forms to forward on to SERS.

Member’s and spouse if married, Birth Certificate(s) and marriage license must be on file at SERS, COPIES ONLY.

Steps to Retire

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Pension• Effective date of pension is the 1st day of the

month following the date of your resignation.

Checks• Agency will pay in lump sum for vacation

and sick time

• Lump sums from SERS only:

• Widow/Survivors refund if no qualified survivor

• Refund of contributions

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Retirement Packet Includes

• Retirement Checklist

• Retirement Application, Insurance form, Direct Deposit form, Beneficiary form, & W4P form.

• Survivor Contribution Refund form on lump sum, if qualify for one.

• Retiree and survivor handbook (accessed online, no longer printed.)

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ChecksYour agency will send check for

• Vacation• Sick• Personal time

SERS• First check is retroactive to first day of retirement

Lump Sum• From SERS if no qualified survivor

• Takes about 8-10 weeks to process• Regular payment on the 19th

of the month• Retroactive to the effective date

of your retirement• Lump sum payment is mailed

with first payment

First Retirement Check Reminder

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Annual Retiree Benefit Statement is mailed early in the year.

The “Informer” retiree newsletter is mailed a couple times a year

The “Sers-O-Gram” member newsletteris mailed a couple times a year

Address Change

Notify us of any changes:• Before retirement, contact

your agency• After retirement, contact SERS

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Payroll WQYTD ScreenAccumulative Balances Days Hours/Minutes

Vacation 55.37 OR 443:00Vacation 5 Day Max 0.00 OR 0:00Personal Business 3.00 OR 24:00Total 505A Comp Time 0.00 OR 0:00Total 505B Comp Time 0.00 OR 0:00Total 505C Comp Time 1.21 OR 9:45Total 525 Comp Time 0.00 OR 0:00Sick Remain Since 1-98 112.00 OR 896:00Sick Remain 1/84 – 12/97 168.00 OR 1,344:00Sick Remain before 1/84 or CPD 15.50 OR 124:00Total Sick Time 295.50 OR 2,364:00Sworn Sixty Sick 60.00 OR 480:00Total Holidays 16.00 OR 128:00Vac. Prev. Year 1 200.00 Vac. Prev. Year 2 49:60

TimekeepingHow it affects your Retirement Service Credit

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Personal Business DaysAccumulative Balances Days Hours/Minutes

Vacation 55.37 OR 443:00Vacation 5 Day Max 0.00 OR 0:00Personal Business 3.00 OR 24:00

January 1st of each year you are given 3 personal business daysPaid out for half of personal business time left on booksCan pay for the 3 personal business days received on 01/01Any additional personal is use or lose time

Sick Remain Since 1-98 112.00 OR 896:00Sick Remain 1/84 – 12/97 168.00 OR 1,344:00Sick Remain before 1/84 or CPD 15.50 OR 124:00Total Sick Time 295.50 OR 2,364:00Sworn Sixty Sick 60.00 OR 480:00Total Holidays 16.00 OR 128:00

Vac. Prev. Year 1 200.00 Vac. Prev. Year 2 49:60

Vacation TimeAccumulative Balances Days Hours/Minutes

Vacation 55.37 OR 443:00Vacation 5 Day Max 0.00 OR 0:00

Max of up to 3 years of vacation time can be paid out22 days = 66 days or 528.00 hours25 days = 75 days or 600.00 hours

Total 505C Comp Time 1.21 OR 9:45Total 525 Comp Time 0.00 OR 0:00Sick Remain Since 1-98 112.00 OR 896:00Sick Remain 1/84 – 12/97 168.00 OR 1,344:00Sick Remain before 1/84 or CPD 15.50 OR 124:00Total Sick Time 295.50 OR 2,364:00Sworn Sixty Sick 60.00 OR 480:00Total Holidays 16.00 OR 128:00Vac. Prev. Year 1 200.00 Vac. Prev. Year 2 49:60

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Sick TimeAccumulative Balances Days Hours/Minutes

Vacation 55.37 OR 443:00Vacation 5 Day Max 0.00 OR 0:00Personal Business 3.00 OR 24:00Total 505A Comp Time 0.00 OR 0:00Total 505B Comp Time 0.00 OR 0:00Total 505C Comp Time 1.21 OR 9:45Total 525 Comp Time 0.00 OR 0:00Sick Remain Since 1-98 112.00 OR 896:00Sick Remain 1/84 – 12/97 168.00 OR 1,344:00Sick Remain before 1/84 or CPD 15.50 OR 124:00Total Sick Time 295.50 OR 2,364:00Sworn Sixty Sick 60.00 OR 480:00Total Holidays 16.00 OR 128:00Vac. Prev. Year 1 200.00 Vac. Prev. Year 2 49:60

Comp TimeAccumulative Balances Days Hours/Minutes

Vacation 55.37 OR 443:00Vacation 5 Day Max 0.00 OR 0:00Personal Business 3.00 OR 24:00Total 505A Comp Time 0.00 OR 0:00Total 505B Comp Time 0.00 OR 0:00Total 505C Comp Time 1.21 OR 9:45Total 525 Comp Time 0.00 OR 0:00

Payroll can pay out 505B, 505C and 525 Time505C time is limited by D.O.O. to 150:00 hours505A Comp Time is use or lose time

Total Sick Time 295.50 OR 2,364:00Sworn Sixty Sick 60.00 OR 480:00Total Holidays 16.00 OR 128:00

Vac. Prev. Year 1 200.00 Vac. Prev. Year 2 49:60

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Sick TimeAccumulative Balances Days Hours/Minutes

Vacation 55.37 OR 443:00Vacation 5 Day Max 0.00 OR 0:00Personal Business 3.00 OR 24:00Total 505A Comp Time 0.00 OR 0:00Sick Time Remaining from 01/1984 through 12/1997• Get paid out for ½ and free retirement credit for ½ • The maximum during this time is 168 days

84 days paid and 84 days retirement credit

Sick Remain 1/84 – 12/97 168.00 OR 1,344:00Sick Remain before 1/84 or CPD 15.50 OR 124:00Total Sick Time 295.50 OR 2,364:00Sworn Sixty Sick 60.00 OR 480:00Total Holidays 16.00 OR 128:00

Vac. Prev. Year 1 200.00 Vac. Prev. Year 2 49:60

Sick TimeAccumulative Balances Days Hours/Minutes

Vacation 55.37 OR 443:00Vacation 5 Day Max 0.00 OR 0:00Personal Business 3.00 OR 24:00Sick Time Remaining Since 01/1998• Day for day free retirement credit• Maximum days through 12/2012 is 180 days• You earn sick time by working one day in the

first half of a given monthSick Remain Since 1-98 112.00 OR 896:00Sick Remain 1/84 – 12/97 168.00 OR 1,344:00Sick Remain before 1/84 or CPD 15.50 OR 124:00Total Sick Time 295.50 OR 2,364:00Sworn Sixty Sick 60.00 OR 480:00Total Holidays 16.00 OR 128:00Vac. Prev. Year 1 200.00 Vac. Prev. Year 2 49:60

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Sick TimeAccumulative Balances Days Hours/Minutes

Vacation 55.37 OR 443:00Vacation 5 Day Max 0.00 OR 0:00Personal Business 3.00 OR 24:00Total 505A Comp Time 0.00 OR 0:00Total 505B Comp Time 0.00 OR 0:00Total 505C Comp Time 1.21 OR 9:45Total 525 Comp Time 0.00 OR 0:00Sick Remain Since 1-98 112.00 OR 896:00

Sworn Sixty Sick:• Receive retirement credit for days left • Repopulated on January 1st of each year

Sworn Sixty Sick 60.00 OR 480:00Total Holidays 16.00 OR 128:00Vac. Prev. Year 1 200.00 Vac. Prev. Year 2 49:60

Sick TimeAccumulative Balances Days Hours/Minutes

Vacation 55.37 OR 443:00Vacation 5 Day Max 0.00 OR 0:00Personal Business 3.00 OR 24:00Total 505A Comp Time 0.00 OR 0:00Total 505B Comp Time 0.00 OR 0:00Total 505C Comp Time 1.21 OR 9:45

Sick Time Remaining before 01/1984 or CPD• Day for day retirement credit • Calculated the same as time Since 01/1998

Sick Remain before 1/84 or CPD 15.50 OR 124:00Total Sick Time 295.50 OR 2,364:00Sworn Sixty Sick 60.00 OR 480:00Total Holidays 16.00 OR 128:00Vac. Prev. Year 1 200.00 Vac. Prev. Year 2 49:60

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Holiday TimeAccumulative Balances Days Hours/Minutes

Vacation 55.37 OR 443:00Vacation 5 Day Max 0.00 OR 0:00Personal Business 3.00 OR 24:00Total 505A Comp Time 0.00 OR 0:00Paid for all holiday time left on the books at the time of departure

• Allowed to keep one year of holiday time on the books

• Payroll will double check at the time of departure

• If you work every holiday the year prior to departure you can be paid for 172 hours

• If you don’t work any holidays the year prior to departure you can be paid for is 96 hours

Total Holidays 16.00 OR 128:00Vac. Prev. Year 1 200.00 Vac. Prev. Year 2 49:60

Sick TimeIn this example:

112.00 days remaining since 01/9884.00 days remaining from between 01/84-12/9715.50 days remaining before 01/8460.00 days remaining sworn sixty sick

271.50 days total sick time credit

Sick Remain Since 1-98 112.00 OR 896:00Sick Remain 1/84 – 12/97 168.00 OR 1,344:00Sick Remain before 1/84 or CPD 15.50 OR 124:00Total Sick Time 295.50 OR 2,364:00Sworn Sixty Sick 60.00 OR 480:00Total Holidays 16.00 OR 128:00Vac. Prev. Year 1 200.00 Vac. Prev. Year 2 49:60This Equals 13 Months of Free Retirement Credit

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Paid Sick & Vacation Time• Sick, Vacation and ½ Personal

Business Time

• Every 21 days purchased equals 1 month of service credit

• Effective date of retirement must be within 90 days of leaving service

• Does not affect final average compensation

Purchasing Retirement CreditLump Sum Salary Payments

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Time Estimate

Time EstimateFree Sick Days

247 Credit 260.5 Cost $0.00

Paid Sick Days

27 Credit 10.5 Cost $569.84

Other Paid Time

84 Credit 76 Cost $4,124.53

Example of Purchasing Time

Example of Purchasing TimePaid Days

Timekeeping Paid

Amount Paid Time Purchased

Cost of Purchase

Sick 84.00 days $16,511.04 73.00 days $14,938.56Vacation 30.00 days $5,986.80 3.00 days $589.68Personal 0.00 days $0.00 0 days $0.00Total 114 days $22,407.84 76 days $15,528.24

X 12.5%76 days → 4.00 months credit → Cost to Employee → $1,941.03

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Time Estimate• Time purchased 17 months

increasing pension 4.25%• Monthly pension benefit

increased by $401.33

Time Estimate• 260.5 free sick days + 10.5 paid

sick days = 271 days purchasing 13 months of service credit at a cost of $569.84

• 76 days of other paid time purchasing 4 months of service credit at a cost of $4,124.53

• Total cost = $4,694.36

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1404• If a 1404 is submitted to purchase

service credit from the lump sum pay out, the initial pension check will not be processed until the lump sum payment is posted by the Comptroller’s Office. This may delay your initial pension check for up to 6 weeks.

Deferred Compensation• Request to defer any portion of

your lump sum payment must be received by Shared Services the month prior to your last day at work.

• Example: Employee whose last day at work is December 31 must have the deferral request to Shared Services by November 30.

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Public Safety Shared Services Employee Benefits Manager217-557-6010 ext. 4115