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The document is a Direct Deposit Account Number Change Request form for members of the State Employees’ Retirement System in Illinois. It allows members to update their direct deposit account information while keeping the routing number unchanged. The form requires personal and financial institution details, and includes a certification statement regarding the accuracy of the provided information.

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What is the difference between Tier 1 and Tier 2?

Tier 2: A mandatory contributory scheme with monthly contributions of 5% on the basic salary of all employees. Tier 2 is a defined contribution scheme and contributions are fully tax-exempt and are privately managed by National Pensions Regulatory Authority (NPRA) licensed service providers.

How do I order Illinois tax forms?

How to get Forms Download Forms. Submit a request to have forms or publications mailed to you. You can also request certain forms and publications by calling our 24-hour forms order hotline at 1 800 356-6302.

What is Tier 1 and Tier 2 pension?

Tier 1 is the equivalent of Social Security benefits and Tier 2 is like an employers pension plan. Social Security Benefits: Payments made under Title II of the Social Security Act. They include old- age, survivors, and disability benefits.

What is Tier 2 pension in Illinois?

Tier 2 benefits are based on the final average salary of the 96 highest consecutive months of service out of the last 10 years, using each calendar years annual salary maximum (as determined by the Department of Insurance) and your total credited service. This benefit is payable for your lifetime.

What is the difference between tier 1 and tier 2 pension in Illinois?

The typical career state pensioner, which excludes employees also qualifying for Social Security, collected $82,478 in benefits in 2021 while the median working Illinois resident earned just $46,634 a year. Over a lifetime, the typical state pensioner receives a median $2.42 million in retirement income.