Local Government Health Plan (LGHP) Select. For the State Employees' Retirement System (SERS) the annuity COLA and the increase in the annual salary maximum equals the lesser of 3% or half the CPI-U. Many SERS members have recently received unsolicited, potentially misleading emails from companies not affiliated with SERS offering retirement counseling. FOR JRS/GARS MEMBERS ONLY We may use it to: To learn more about how we handle and protect your data, visit our privacy center. (A qualified retirement plan under sections 401(a), 401(k), 403(a), 403(b), 408(k), 408(p), or 457(b).) State Employees' Retirement System 2101 South Veterans Parkway P.O. These emails may appear to come from SERS or appear to represent SERS, they do not. The Employer Retirement Reserve Statement provides accounting of your employer's IMRF assets for 2022 and the Employer Copies of Member Statements are for your employer's You are not eligible for SURS if any of the following apply to you: FOR JRS/GARS MEMBERS ONLY The coverage examples will illustrate sample medical situations and describe how much coverage the plan would provide in an event such as . Your Glass is Half Full Workshop Webinar. Read our editorial policy to learn more about our process. Members eligible for the alternative formula may retire at age 60 with 20 years of service. The 25-employee threshold is reduced to 5 employees. Box 19255 Springfield, IL 62794-9255 srs.illinois.gov Retirement Checklist It is recommended the required retirement documents are submitted within 30 days of your retirement date. To browse the portal as a guest, please tell us in which State of Illinois group insurance program you belong: State Employees Group Insurance Program (SEGIP) Select. Email JRS Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive. Email SERS. Email GARS, Education for Tomorrow's Choices | 5-15 Years, Understanding Your Benefits | Retirees & Survivors, Training for Retirement Coordinators | Retirement Coordinators, Tier 2 Nonoccupational Disability Benefits. JRS/GARS representatives do not have the ability or authorization to access SERS member data, or to assist SERS members. If a conflict arises between information in the IMRF website and the law, all decisions are based on the law. Email JRS The firms were represented by the consulting firm Reagan Consulting for the transaction. The state's contributions to SERS come from payment requests directly from SERS and from state agency payrolls. IMRF members' and employers' rights and obligations are governed by Article 7 of the Illinois Pension Code. Is Nvidia Stock a Buy, Sell, or Fairly Valued After Earnings? Springfield, IL 62704 CHICAGO, June 8, 2023 /PRNewswire/ -- (Hub), a leading global insurance brokerage and financial services firm, announced today that it has acquired seven related firms in Michigan, including Johnston Lewis Associates, Inc; Business Benefits Resource, LLC, Joseph Aiello & Associates, Inc.; T. Souphis Insurance Consulting LLC; Custom Results Corporate Consulting; Creative Benefit Solutions; and Health Insurance Consultants (collectively, Project Motown Holding Company). Springfield, IL 62704 Springfield, IL 62704 SUAA is the only organization that advocates for preserving retirement and healthcare benefits for participants in the State Universities Retirement System (SURS). Warning! 2101 S. Veterans Parkway Eligibility Participation in SURS is required if you are eligible. MyBenefits administered by the State of Illinois - powered by LifeWorks. The State of Illinois Deferred Compensation Plan ("Plan") is an optional 457 (b) retirement plan open to all State employees. State Employees Group Insurance Program Medicare Requirements Each plan participant must contact the SSA and apply for Medicare benefits upon turning the age of 65. Some programs offer additional benefits of vision, dental and life insurance coverage. Fax: 217-524-9039 The 2023 amount will be 24.107% of your June payment. If you are within a year of retirement and need an appointment, you can request an appointment by emailingSERS@srs.illinois.govor by calling (217) 785-7444. Jeffrey Stulir fills vacancy on the IMRF Board of Trustees. The secure message feature in Member Access also allows you to send documents to IMRF or ask questions securely. 108 1/2, par. Additionally, the Chicago Teachers' Pension Fund (CTPF) receives 2101 S. Veterans Parkway JRS/GARS representatives do not have the ability or authorization to access SERS member data, or to assist SERS members. Verify your identity, personalize the content you receive, or create and administer your account. System (TRS). For more information, visit Hub Media Center. The Aetna health benefits plans offered by the State of Illinois provide you with tools, tips, programs and services such as: . FY2024 Benefit Choice Booklet(July 1, 2023 through June 30, 2024), FY24 Benefit Choice Member Fair Presentation slides, Consumer Driven Health Plan (CDHP) Benefits, Health Maintenance Organization (HMO) Benefits, FY2023 Benefit Choice Booklet(July 1, 2022 through June 30, 2023), State Retiree, Annuitant and Survivor Benefits Handbook, Illinois Department of Central Management Services, State Government Suggestion Award Board (SGSAB), College Insurance Program (CIP) Benefit Plans, Local Government Health Plan (LGHP) Benefit Plans, Total Retiree Advantage Illinois (TRAIL) Program, State of Illinois Deferred Compensation Plan ("Plan"), Register, Become a Vendor & State Government. This service gives a reduction in cost of eye examinations, lenses, and frames to employees and their dependents. (A qualified retirement plan under sections 401(a), 401(k), 403(a), 403(b), 408(k), 408(p), or 457(b).). If you terminate employment with the State, your benefits will be determined by the law in effect on your last day of employment. (Source: Laws 1963, p. State statute requires that the DOI provide these calculations to impacted Retirement Systems and pension Funds by November 1 of each year. Springfield, IL 62704 Springfield, IL 62704 The addition of Project Motown makes Hub one of the largest leading brokers in Michigan. Going to Bat for Hiring a Great Benefit Plan Auditor. The regular retirement formula applies to all members not covered by the alternative formula. Springfield, IL 62704 2 Under SECURE Act 2.0, credit is limited to employers with 50 or fewer employees and reduced for employers with 51 to 100 employees. Fax: 217-785-7019 Now, the program will apply to employers with at least 5 employees in the state during every quarter of the previous calendar year. Have been operating in Illinois for at least two years; and; Do not offer a qualified retirement plan to any Illinois employees. Email SERS. Welcome to the State Retirement Systems (SRS) of Illinois' website! Terms of the transaction were not disclosed. Authorized Agent Webinars. Fax: 217-524-9039 We provide a platform for our authors to report on investments fairly, accurately, and from the investors point of view. The employer determines the total employee count using the annual average from the employer-reported quarterly data. 2101 S. Veterans Parkway Phone:217-782-8500 View on-demand webinar when it is convenient for you. We sell different types of products and services to both investment professionals and individual investors. Not sure which plan you participate in? Given the nature of these workshops, the limitations of conducting such workshops, and the significant demand from the membership to attend such workshops, SERS has implemented a policy that a member may not attend multiple in-person workshops within a 12-month period. Teachers' Retirement Insurance Program (TRIP) Select. It may not be complete. Flexible Spending Account (FSA) Program Life & Disability Insurance Tuition Waivers Employee Assistance Work-Life Programs Benefits Forms Affordable Care Act (ACA) Medicare Employee Benefits Book Insurance & Other Benefits in Retirement Request HR or Benefit Materials Mental Health and Self Care Public Service Loan Forgiveness Program Learn how it impacts everything we do, https://www.prnewswire.com/news-releases/hub-international-expands-commercial-insurance-employee-benefits-and-retirement-capabilities-with-acquisition-of-seven-firms-in-michigan-301845744.html. 2101 S. Veterans Parkway Springfield, IL 62704 Phone: 217-785-7444 Fax: 217-785-7019 Email SERS To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research. The National Emergency Ends. Insurance, Health & Wellness Financial & Retirement Family & Parenting Vacation & Time Off Perks & Discounts Insurance, Health & Wellness Health Insurance 4.3 You can find more detailed information about the originally-enacted Secure Choice program on our blog (available . Box 19255 Springfield, Illinois 62794-9255 2023-2024 Summary of Benefits and Coverage . Headquartered just outside of Detroit in Troy, Michigan , the seven firms have been working together since 2012 as members of ICA, one of the largest independent insurance brokerage firms in Michigan .Project Motown Holding Company (Project Motown) is a platform agency with more than 60 employees, specializing in commercial insurance, employee benefits, employer compliance requirements, HR . If you are within a year of retirement and need an appointment, you can request an appointment by emailingSERS@srs.illinois.govor by calling (217) 785-7444. The Department of Personnel assists employees in completing their insurance forms for benefits. SERS provides in-person workshops that are available to members. The alternative formula applies to members in certain positions with 20 years of alternative service. Members eligible for the alternative formula may retire at age 60 with 20 years of service. Project Motown Holding Company (Project Motown) is a platform agency with more than 60 employees, specializing in commercial insurance, employee benefits, employer compliance requirements, HR technology, employee wellness and wealth management services. New Workshop for Retirees & Survivors(Springfield and Chicago Offices), 2101 S. Veterans Parkway For the State Employees' Retirement System (SERS) the annuity COLA and the increase in the annual salary maximum equals the lesser of 3% or half the CPI-U. Vision care is provided at no cost to the employee. This report is based upon information, furnished to us by SERS, concerning retirement and ancillary benefits, active members, deferred vested members, retirees and beneficiaries, and financial data. some state appropriations, though the system is primarily funded by Chicago residents. The payroll deferrals, together with any earnings, accumulate tax-deferred until the employee terminates service, dies, or incurs unforeseeable financial hardship. This policy enables the System to offer this valuable service to the membership in an equitable manner. CONTACT: Media: Jessica WiltsePhone: 312-596-7573jessica.wiltse@hubinternational.comM&A: Clark WormerPhone: 312-279-4848, View original content to download multimedia:https://www.prnewswire.com/news-releases/hub-international-expands-commercial-insurance-employee-benefits-and-retirement-capabilities-with-acquisition-of-seven-firms-in-michigan-301845744.html. These short, easy-to-understand Summary of Benefits and Coverage (SBCs) include a new, standardized plan comparison tool called "coverage examples",like the Nutrition Facts label required for packaged foods. With more than 16,000 employees in offices located throughout North America, Hub's vast network of specialists brings clarity to a changing world with tailored solutions and unrelenting advocacy, so clients are ready for tomorrow. SURS is a state-wide system for Illinois public universities that provides retirement, disability, and related benefits to eligible participants and annuitants. Benefits Website Members enrolled in any of the four group insurance programs administered by the State of Illinois are provided health and prescription drug benefits. Life Insurance Monthly Contributions Vision & Dental Benefits FY2023 Benefit Choice Booklet (July 1, 2022 through June 30, 2023) Employee Benefits Handbook & Amendments State Employee Benefits Handbook Includes all amended information. Pre-Retirement Workshop Webinar. Email GARS, Tier 2 Nonoccupational Disability Benefits. (40 ILCS 5/7102) (from Ch. These emails may appear to come from SERS or appear to represent SERS, they do not. Develop and improve features of our offerings. Veteran Home Buying Guide Compare Rates Today's Mortgage Rates 30-Year Mortgage Rates 15-Year Mortgage Rates 5/1 Arm Mortgage Rates 7/1 Arm Mortgage Rates Lender Reviews Quicken Loans Mortgage Review Rocket Mortgage Review Chase Mortgage Review Better.com Mortgage Review Wells Fargo Mortgage Review AmeriSave Mortgage Review SERS encourages members to be cautious of email solicitations and skeptical of any attempts by outside firms to request personal or financial information. Email SERS. Warning! All IMRF employers now have two key documents available in Employer Access with information necessary for financial planning, accounting, and reporting purposes. Many SERS members have recently received unsolicited, potentially misleading emails from companies not affiliated with SERS offering retirement counseling. 7102) Sec. Export To CSV Filters Calendar Year Prior Year CPI-U 1/2 CPI-U The following table outlines the COLA to be applied and the maximum salary for Tier 2 annuity purposes by calendar year. These emails may appear to come from SERS or appear to represent SERS, they do not. 2101 S. Veterans Parkway This workshop will help you better understand the nature of IMRF, your contributions and benefits. Headquartered just outside of Detroit in Troy, Michigan, the seven firms have been working together since 2012 as members of ICA, one of the largest independent insurance brokerage firms in Michigan. April 18, 2022. If you have questions or would like assistance in understanding your companys obligations under Illinois Secure Choice, dont hesitate to contact a team member or the Jackson Lewis attorney with whom you regularly work. Retirement documents received more than 90 days before your retirement date will be returned. The average Social Security benefit for a retired worker is $16,000 and the maximum benefit is $32,000. Secure Choice requires employers to automatically withhold five percent of an employees compensation (up to the annual maximum allowed for IRA contributions each year as provided by the IRS), unless the employee elects a different amount or opts out of the program, and to remit those contributions to the Secure Choice program. In Illinois, COLAs automatically increase a retiree's yearly benefit, typically by 3 percent each year. Warning! Have at least 25 employees as reported to the Illinois Department of Employment Security (IDES) for unemployment insurance payments; Have been operating in Illinois for at least two years; and, Do not offer a qualified retirement plan to any Illinois employees. Terms of Service apply. Latest News Claim Payment Delay Health Plans Plan Administrators Prescription Preventive Services Guide Publications & Benefits Booklets Rates and Calculators Change in Status Events Dependent Coverage Forms State Employees Retirement Systems State Retirement Systems (SRS) srs.illinois.gov SERS@srs.illinois.gov (217) 785-7444 These short, easy-to-understand Summary of Benefits and Coverage (SBCs) include a new, standardized plan comparison tool called "coverage examples", like the Nutrition Facts label required for packaged foods. The Illinois Department of Revenue will establish a schedule for the automatic increase. Dow Jones Industrial Average, S&P 500, Nasdaq, and Morningstar Index (Market Barometer) quotes are real-time. JRS/GARS representatives do not have the ability or authorization to access SERS member data, or to assist SERS members. The calculations include: The retirement Cost of Living Adjustment ("COLA") applicable to Tier 2 participants, and. The changes clarify that the second year of non-compliance need not be consecutive for applying the $500 noncompliance penalty. How we use your information depends on the product and service that you use and your relationship with us. This information is intended to serve as a supplement to the Annual Benefit Statement, which includes your personal benefit information. Secure Choice now includes annual, automatic increases to the contribution rates up to a maximum of 10% of an enrollees wages. Email JRS 7102. "Hub's infinite deep bench resources, and talented and specialized teams, enables us to offer significantly expanded expertise and solutions to our clients," said Liposky. - powered by LifeWorks a retiree & # x27 ; retirement System 2101 South Veterans Parkway this will. Directly from SERS or appear to represent SERS, they do not have the ability or authorization access... 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