This Handbook provides an overview of federal laws affecting the elderly and retirement issues. Information discussed includes age discrimination in employment, elder abuse & exploitation, power of attorney & guardianship, Social Security and other retirement and pension plans, Medicare, and much more in 22 pages of materials.
Retirement Rules For Private Employees In Cook
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Multi-State
County:
Cook
Control #:
US-001HB
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FAQ
Eligibility Qualifications To qualify for regular retirement, employees must have at least 30 years of service and be 55 or older; or 20 years of service and be age 60 or older; or 5 years of service and be age 62 or older.
CalSavers is a retirement savings program for private sector workers whose employers do not offer a retirement plan. This program gives employers an easy way to help their employees save for retirement, with no employer fees, no fiduciary liability, and minimal employer responsibilities.
Parental Leave: All State of Illinois employees are eligible for 12 weeks of parental leave for birthing and non-birthing parents. Pension: All employees, including new hires, will contribute to the retirement pension system at a minimum of 4% pre-tax rate when they start with the state.
Employees of Cook County become eligible for a pension when they've worked for Cook County at least 10 years.
Documents we may ask for include: Your Social Security card or a record of your number. Your original birth certificate, a copy certified by the issuing agency, or other proof of your age. We must see the original document(s), or copies certified by the agency that issued them.
To receive a pension benefit, you must have a minimum of 10 years of credited service with SERS. You may retire at: Age 67, with 10 years of service credit. Between ages 62-67 with 10 years of credited service (reduced 1/2 of 1% for each month under age 67).
If you started paying into your pension at 35 and the pension is based on 1/80 of your final salary, then: retiring at 55 would give 20/80 of final salary. retiring at 65 would give 30/80 of final salary.
The full retirement age in the US is currently capped at 67. As of July 2024, if you were born in 1960, you would be turning 64 in 2024, meaning you would not be at your full retirement age until 2027 4.
Employees of Cook County become eligible for a pension when they've worked for Cook County at least 10 years.