Latest News

Accelerated Pension Benefit Payment (APBP) for Retiring Tier 1 Members

This voluntary program for Tier 1 members who retire before June 1, 2024, allows members to elect a reduced and delayed automatic annual increase (AAI) in exchange for a lump-sum payment at retirement. At retirement, members can elect to forfeit the 3% compounded AAI and instead receive 1.5% non-compounded AAIs, beginning the January 1 following the first anniversary of retirement or the member’s 67th birthday, whichever is later. Survivors of members who choose this option will receive the reduced 1.5% non-compounded AAIs. The election to participate cannot be changed after retirement.

Members who forfeit the Tier 1 AAIs receive a lump-sum payment equal to 70% of the difference in the value of the 3% compounded AAI and the value of the 1.5% non-compounded AAI. This current value is calculated by SERS and will be based on current actuarial assumptions and the relevant member information. These payments must be transferred to a qualified retirement plan authorized by the IRS.

You can find the APBP Fact Sheet on the member services website, and if you are eligible to retire before June 1, 2024, you can estimate your APBP amount by going to memberservices.srs.illinois.gov and select the COLA buyout tab.

 

Important Update Regarding SERS Operations


 

UPDATE: AUGUST 2020

Your Benefit Statement
Beginning this year, your SERS annual statement is available only on the member services website at memberservices.srs.illinois.gov. Your annual statement provides detailed information about your SERS benefits as of June 30, 2020, and lists your current beneficiaries.

Does SERS Have Your Email Address?
SERS sends out information to members via the primary email address on file in the member services website, under the “Demographics Tab”.


 

UPDATE: MARCH 2020

The State Retirement Systems have resumed processing retirement, survivor, and disability benefits. While we are striving to provide the high quality of service you expect, some processing times may be longer than usual, given the current circumstances. We greatly appreciate your patience as we navigate these difficult times.

Contacting Us and Obtaining SERS Account Information
The SRS building remains closed. You may contact us by email only at [email protected] Staff is monitoring this account continuously and responding to emails in a timely manner. You can also easily access your account information on our secure Member Services website at memberservices.srs.illinois.gov

Reporting Member Deaths
If you are notifying us of a member death, please include the member’s ID number (or the last four digits of the member’s Social Security Number) and the date of the member’s death, so that we can more quickly process the survivor or death benefit. Timely notice of member deaths also aids in preventing member overpayments.

Retirement Cancellations
During this uncertain time, if you wish to rescind your pending retirement claim, please first notify your agency and then notify us at the email address noted above. Please note retirement applications are valid for 90 days beyond the initial retirement date.

Insurance Information
At this time, the Department of Central Management Services is asking members to take advantage of MyBenefits.illinois.gov or the MyBenefits Service Center (toll-free) 844-251-1777 from 8:00 AM – 6:00 PM CT, Monday through Friday to address insurance benefit and enrollment questions. For insurance concerns that cannot be addressed by MyBenefits, please email [email protected]

Non-Critical Functions
We are prioritizing the processing and payment of retirement, survivor, and disability benefits. We are not processing refund applications or preparing benefit estimates at this time. In addition, we are postponing educational seminars and workshops until further notice.

Protect Yourself!
Be alert for coronavirus scams. SRS will never call you to request personal or financial information. Click the link below for information from the U.S. Office of the Inspector General regarding coronavirus scams. [Office of the Inspector General Website]

 

TRAIL Open Enrollment Period to start in October

The State of Illinois Total Retiree Advantage IL (TRAIL) program will start its Open Enrollment Period on October 15th. Informational seminars will be conducted online. All currently-enrolled members will receive a Decision Guide notifying you of any plan changes for the coming year.

Additional information can be found at the CMS website: CMS Benefits Website

Informational seminars are held to give eligible retirees and survivors an opportunity to learn about the Total Retiree Advantage Illinois (TRAIL) Program. This year, the seminars will be online.  Check the official TRAIL Program Website for the most current information and to view your TRAIL Open Enrollment seminar on the following dates and times (registration to the event is not necessary): CMS TRAIL Website
 

Week 1:
Oct 15, Thursday, 1:00 PM-4:00 PM
Oct 16, Friday, 9:00 AM-12:00 PM

Week 2:
Oct 20, Tuesday, 1:00 PM-4:00 PM
Oct 22, Thursday, 9:00 AM-12:00 PM

Week 3:
Oct 26, Monday, 9:00 AM-12:00 PM
Oct 28, Wednesday, 1:00 PM-4:00 PM
Oct 30, Friday 9:00 AM-12:00 PM

Topics included eligibility criteria and an explanation of the benefits provided through the Program.
 
Retirees and survivors who became eligible for the TRAIL MAPD Program over the past year will receive a Decision Guide in the mail in mid-October, notifying them of their eligibility and the requirement to enroll, or opt-out of coverage, during the TRAIL MAPD Open Enrollment Period.  All currently-enrolled members will also receive a Decision Guide notifying you of any plan changes for the upcoming plan year. 
Note: If you are currently-enrolled in TRAIL MAPD, and wish to keep your coverage as is, you need not do anything. However, if you want to make any changes to your current TRAIL MAPD coverage for the 2021 plan year, you will be allowed to complete your changes online at MyBenefits.illinois.gov or contact MyBenefits (toll-free) 844-251-1777 between October 15-November 16, 2020. No elections are allowed to be made prior to the October 15, or after the November 16, 2020  Enrollment Period.
 
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