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Understanding Your Options
Home Understanding Your Options
What do you need to know NOW?
- If you need to repay the County Fund for any past service, payments must be made before you separate from employment.
- Paid service with a Reciprocal System can usually be counted towards service requirements. You must contact each reciprocal Fund to determine eligibility and possible costs to re-establish (pay for) any previously forfeited service. It is important to do this now since many Funds require you to be an actively contributing employee to re-establish past service.
- No benefits are paid by the Fund until you apply. You must contact the Fund for the appropriate application when you want to receive your benefits.
What are you eligible for?
If you have LESS than 10 years of service
- You are eligible for a Full Refund or
- If you are age 60 or older at date of separation you may be eligible for a monthly "money purchase" annuity based on your age and contributions. Contact our office for an individual calculation of your annuity.
If you have 10 or more years of service and are under age 55
- You are eligible for a Full Refund or
- You are eligible for a Deferred Retirement Annuity beginning at age 50 or older or
- You are eligible for a Current Retirement Annuity if you are at least 50. Any Annuity will be penalized for age if it begins when you are under 60 with less than 30 years of service.
If you have 10 or more years of service and are age 55 or Older
- You are eligible for a Deferred Retirement Annuity or
- You are eligible for a Current Retirement Annuity. Any Annuity will be penalized for age if it begins when you are under 60 with less than 30 years of service.
Other Things to Consider
- Applications for benefits can take 8-12 weeks to process.
- Members are allowed to purchase unused sick time to get additional service credit. The time must be certified by your department and payment must be made within 30 days after separation from service. Unused vacation days are paid on your final paycheck and pension deductions are withheld from those funds. Additional service credit is automatically granted on this vacation time.
- Retiree Health Benefits are available only to retirees who were last employed with Cook County and are receiving an annuity.
- Any Optional credit in your account will be used to increase benefits or will be refunded.
Questions
If you have any questions about your Retirement benefits, please contact us.