www.illinois.gov

Pat Quinn, Governor

State Links Skip to Content Skip to State Links

 Government
 Business
 Employment
 Education
 Health & Safety
 Family & Home
 Travel & Recreation
 About Illinois
 Illinois.gov

Stay Informed

Your Government


[Search Tips]

Illinois Flag Honors

Inspector General


 IGNN: State/All Press Release

ILLINOIS NEWS
The State of Illinois News page provides access to the Illinois Government News Network and all state press releases.


FOR IMMEDIATE RELEASE
June 25, 2002

Governor Ryan Signs Early Retirement Bill

CHICAGO -- Governor George H. Ryan today signed House Bill 2671, allowing eligible state employees to purchase up to five years of service in order to qualify for early retirement.

“Creating this opportunity for early retirement was just one of the components that helped us put together a balanced budget for Fiscal Year 2003,” said Governor Ryan. “We estimate that in the next fiscal year alone, this provision could save the General Revenue Fund approximately $64.5 million.”

For early retirement, state employees must be active in payroll status in June 2002, on layoff status with the right to reemployment/recall, or on disability leave for not more than two years. They must have eight years of participation in the State Employees Retirement System. Members may not have received any retirement annuity beginning earlier than August 1, 2002.

Before December 31, 2002, eligible employees must submit a written application requesting early retirement effective no later than December 31, 2002. Eight years of State Employees Retirement Service must be accumulated without the use of the five-year benefit provided by HB 2671.

The eligibility requirements of the early retirement incentive enhancement are:

  • 13 years of service (including five years of early retirement incentive service) at age 60;
  • 25 years of service at age 55 (reduction in benefits between ages 55 and 60 is waived under the early retirement incentive);
  • Rule of 85 (age plus years of service credit equals 85 years).

The State Finance Act has also been amended by HB 2671 to prohibit state employees who take advantage of the early retirement incentive from being hired back on a contractual basis.

According to the State Employees Retirement System, over 20,000 State employees will be eligible for early retirement and an estimated 7,365 employees will participate. One-half of the vacated positions will not be filled, providing an estimated savings of $64.5 million in the General Revenue Fund during FY 2003 and $184.3 million for FY 2004.



###

News Categories

 State/All
 Governor's Office
 Lt. Governor's Office
 Agriculture
 Budget/Fiscal
 Business
 Children/Families
 Culture
 Disabilities
 Economic Development
 Education
 Environment
 Flag Honors
 Health/Human Services
 History
 Infrastructure
 Opportunity Returns
 Recovery
 Safety/Security
 Technology
 Tourism/Recreation
 Transportation
 Workforce/Jobs

News Resources

 Search the News
 IIS Radio News
 RSS News Feeds
 e-News Subscriptions
 Communications Office
 Privacy Statement

Features

Sign up for an e-news subscription
Copyright © 2014 State of Illinois Site Map | Illinois Privacy Info | Kids Privacy | Web Accessibility | Contact Us