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The document provides comprehensive information regarding Qualified Illinois Domestic Relations Orders (QILDROs) for members of the Policemen's Annuity and Benefit Fund (PABF) involved in divorce proceedings. It outlines the process for obtaining a QILDRO, the types of benefits that can be divided, including retirement benefits, termination refunds, and lump-sum death benefits. The document explains the requirements for consent, calculation orders, and the implications of recent legislative changes to QILDRO laws. It emphasizes that PABF does not honor Qualified Domestic Relations Orders (QDROs) and details the necessary forms and procedures for filing QILDROs and Calculation Orders.

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

Members who joined CTPF or a qualified reciprocal system prior to January 1, 2011, are Tier 1. Members who joined CTPF on or after January 1, 2011, are Tier 2. The pension calculation for both tiers is the same, but the retirement age and method for calculating the final average salary are different.

How many years do you have to teach in Illinois to get a full pension?

Tier 2 members: The annuity is determined by multiplying the average of the eight highest consecutive annual salaries within the last ten years of service (final average salary) by 2.5% for each year of completed service. The annuity is capped at 75% of the officers final average salary.

How much do Illinois teachers get in pension?

They receive lifetime pensions equal to 2.2 percent of their final average salaries multiplied by completed years of service, capped at 75 percent of their final average salaries. Final average salary is calculated over teachers 4 consecutive highest-compensated years of service during their final 10 service years.

What is the formula for teachers pension in Illinois?

The retirement benefit is calculated by the formula of 2.2 percent multiplied by final average sal- ary multiplied by the total years of service credit. Average salary is the average of the eight highest consecutive annual salary rates within the last 10 years of creditable service.

What is the Illinois pension Reform 2025?

Illinois General Assembly - Bill Status for HB4699. Amends the General Assembly Article of the Illinois Pension Code. Requires the System to implement a Tier 3 plan by July 1, 2025 that aggregates State and employee contributions in individual participant accounts that are used for payouts after retirement.

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What are the 5 state pensions in Illinois?

Each year, the state is required to make contributions to its statutory pension systems: State Employees Retirement System (SERS), State Universities Retirement System (SURS), Judges Retirement System (JRS), General Assembly Retirement System (GARS) and Teachers Retirement System (TRS).

How many years is full teacher retirement in Illinois?

Members can retire at age 62 with five years of service and receive full earned benefits. The new law requires Tier II teachers and administrators to be 67 years old and have accumulated 10 years of service credits in order to qualify for full benefits that a member has earned.

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