Pension Fund Tier Chart

Criteria

Tier 1 Plan
Fund Participation Prior to January 1, 2011

Tier 2 Plan
Fund Participation After January 1, 2011

Eligibility

• Members first participating in the Fund prior to January 1, 2011
• Includes members of Reciprocal Funds who first participated prior to January 1, 2011
  • Except: GARS & Judges Fund

• Members first participating in the Fund or any Reciprocal Fund on or after January 1, 2011

Vesting

10 years

10 years

Normal Retirement Age

Age 60  OR Age 50 with 30 years of service credit

Age 67

Earliest Retirement Age

Age 50

Reduction in pension: 0.5% for each month below age 60 with less than 30 years of service credit

Age 62

Reduction in pension: 0.5% for each month below age 67

Pension Earnings^[1]

Final Average Salary is highest 48 consecutive months within last 10 years of service capped at Federal limits.

Final Average Salary is highest 96 consecutive months within last 10 years of service capped by the Illinois Department of Insurance.

Maximum pension payable

80% Final Average Salary

80% Final Average Salary

Sheriff’s Special Formula – for normal or earliest retirement

Age 50 with 20 years of service credit

Age 62 with 20 years of service credit

Eligibility for Annual Pension Increase

• Members with 30 years of service or age 60 at retirement, increases begin January 1^st following one year anniversary of retirement
• Members with less than 30 years of service and below age 60, increase begin January 1^st following attainment of age 60.

• Members must be age 67 or older and first increase begins January 1^st following one year anniversary of retirement.

Suspension of Pension

No pension suspension if you retire from County and begin secondary employment with a different reciprocal fund.

Should a retired Tier 2 member return to work on a full-time basis under any reciprocal system in the code [except GARS & Judges] the Funds annuity is to be suspended while back in employment and annuity shall resume upon further termination of secondary employment.

Surviving Spouse Pension

Greater of 65% of member’s annuity eligibility as of date of death reduced 0.5% of 1% below spouse age of 55 if member had less than 30 years of service or Money Purchase annuity.

Greater of 66 2/3 % of member’s earned annuity as of date of death (no age reduction) or Money Purchase annuity.

Child Pension

10% of final salary per child subject to

• Family cap limit not to exceed 60% of member’s final salary

10% of final salary per child subject to

Family cap limit not to exceed 60% of member’s final salary (final salary is capped as explained above under “Pension Earnings”)

Reciprocal Exceptions

None

The General Assembly Retirement System (GARS) and the Judges Retirement System (Judges) have been excluded from certain Tier 2 benefits. Therefore:

• Any new hire in GARS or JUDGES System on or after January 1, 2011 is treated as a Tier 2 employee.
• Any new hire on or after January 1, 2011 in this Fund, who was previously a GARS or Judge participating member prior to 1/1/2011, is considered a Tier 2 County “new hire”.

Disability

Benefit is based upon pensionable earnings not to exceed federal limit.

Benefit is based upon pensionable earnings not to exceed Consumer Price Index (CPI)