Contributions are based on a percentage of total
compensation, including overtime pay. With certain exceptions, all members who join SERS must contribute to Social Security.
Regular Retirement Formula
Members with Social Security 3.5% (pension) + .5% (survivors') = 4.0%
Members without Social Security 7.0% (pension) + 1.0% (survivors') = 8.0%
* If you have no eligible survivors when you retire, you will receive a refund of the survivors' portion of your contributions.
Alternative Retirement Formula
Members with Social Security 8.0% (pension) + .5% (survivors') = 8.5%
Members without Social Security 11.5% (pension) + 1.0% (survivors') = 12.5%
* If you do not qualify for the
alternative formula when you retire, you will receive a refund of the alternative formula contributions in excess of the
regular formula contributions.
NOTE: Beginning on or after January 1, 2011, annual compensation on which contributions are taken cannot exceed $106,800. This amount increases annually by 3% or one-half of the Consumer Price Index, whichever is less.
Some state employees have all or a portion of their contributions “picked-up” or paid, by the State of Illinois. The elected official who oversees your agency, board or commission determines whether your agency participates in the Employer Pick-Up Program and the pick-up percentage.
If you receive a lump sum refund of contributions, the employer pick-up contributions are included, along with any contributions which may have been deducted from your pay. The employer pick-up is also included in the calculation of any death benefit involving member contributions.