The practice of retiring from a public job and then getting a new one has its share of critics. Among them are Ted Dabrowski, president of Wirepoints. "It's just wrong that in a state troubled by a pension crisis, with the state not making ends meet, that our legislators continue to allow this kind of double-dipping. It should have been stopped a long time ago."
SURS is a reciprocal system to IMRF. Couldn’t he have applied his service credit at his new SURS job to his IMRF pension? He spent 28 years under IMRF. Add one year of unused sick days he probably accrued. Your pension is based on the highest 4 years of salary in your final 10 years. So he could have worked six years at the lower paying job at Joliet Junior College and not had that salary mess up his pension calculation. That get’s him up to 35 years of service, which is 65% of your final salary in IMRF. So I’m… Read more »
nixit
5 years ago
Damn, IMRF actually encourages employees to retire at 55: Although age 60 is your full retirement age, we encourage you to apply for your pension at age 55. Some members think there is an advantage to waiting until age 60 or 62 to begin their IMRF pension. This is not true: IMRF pensions are based upon your final rate of earnings and total service credit. Once you stop participating in IMRF, you “freeze” your earnings and service credit. Although your pension may be reduced for each month you are less than age 60, since you will begin receiving pension payments… Read more »
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.
SURS is a reciprocal system to IMRF. Couldn’t he have applied his service credit at his new SURS job to his IMRF pension? He spent 28 years under IMRF. Add one year of unused sick days he probably accrued. Your pension is based on the highest 4 years of salary in your final 10 years. So he could have worked six years at the lower paying job at Joliet Junior College and not had that salary mess up his pension calculation. That get’s him up to 35 years of service, which is 65% of your final salary in IMRF. So I’m… Read more »
Damn, IMRF actually encourages employees to retire at 55: Although age 60 is your full retirement age, we encourage you to apply for your pension at age 55. Some members think there is an advantage to waiting until age 60 or 62 to begin their IMRF pension. This is not true: IMRF pensions are based upon your final rate of earnings and total service credit. Once you stop participating in IMRF, you “freeze” your earnings and service credit. Although your pension may be reduced for each month you are less than age 60, since you will begin receiving pension payments… Read more »