Tier 1 Member

According to Illinois State Statutes, you must contribute 8.5% of your gross salary every payday. This deduction finances three separate benefits;

• 6.5% provides you with a pension when you retire,
• 1.5% provides your spouse with a widow’s benefit after your death, and
• 0.5% provides you with an automatic annual cost of living increase during retirement.

You earn interest on your contributions (except on the 0.5% deduction toward your cost of living increases) during your time in service and up to six months after withdrawal from service.

Pension deductions are not taken on overtime wages or on your final vacation check.

Through the annual tax levy, the City contributes 6.0% of your salary for your annuity and  2.0% of your salary for your spouse’s annuity. These contributions are for annuity purposes only and are never refundable.

Unlike some corporate plans, this plan does not permit loans or a partial withdrawal from your contributions.  

Tier 2 Member

According to Illinois State Statutes, you must contribute 8.5% of your gross salary every payday. This deduction finances three separate benefits;

• 6.5% provides you with a pension when you retire,
• 1.5% provides your spouse’s benefit after your death, and
• 0.5% provides you with an automatic annual cost of living increase during retirement.

You earn interest on your contributions (except on the 0.5% deduction toward your cost of living increases) during your time in service and up to six months after withdrawal from service.

Pension deductions are not taken on overtime wages or on your final vacation check.

Through the annual tax levy, the City contributes 6.0% of your salary for your annuity and  2.0% of your salary for your spouse’s  annuity. These contributions are for annuity purposes only and are never refundable.

Unlike some corporate plans, this plan does not permit loans or a partial withdrawal from your contributions.