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CAT Tracks for November 16, 2016
ERO CONTRIBUTION REFUNDS NOW AVAILABLE |
Those of you who are eligible have probably already received the following e-mail:
Member ID: XXXXXXXXXXX
Dear Eligible Member
You are entitled to receive a refund of your ERO (Early Retirement Option) contributions.
The ERO law allowed TRS members to avoid a discount in pension benefits when retiring prior to age 60 with less than 35 years of service. In July 2005, TRS members were required to contribute 0.4 percent of creditable earnings to help fund the ERO. The ERO law sunset on July 1, 2016 and is no longer an option for TRS members. The law provides that in the event of an ERO sunset, ERO contributions between July 1, 2005 and June 30, 2016 must be made available for refund if the member did not retire using ERO. You made contributions toward ERO during this time period and can now apply for the ERO Sunset Refund.
If you have established an online account, you can request the refund by logging on to TRS Member Account Access at https://trs.illinois.gov/subsections/secureaccountaccess/security/signin.aspx and selecting “Available Refunds” under the “My Claims” section. If you have not established an online account, please use the member ID provided at the top of this letter and follow the steps below to create an account on the TRS website at https://trs.illinois.gov/subsections/secureaccountaccess/security/signin.aspx:
Further information about the ERO Sunset Refund is available at http://trs.illinois.gov/members/erorefund.htm on the TRS website.
Member Services Division Teachers’ Retirement System of the State of Illinois
When a local CAT contacted the Region 02 IEA UniServ Director in Carterville for guidance, this was the response:
CAT Tracks Editor's Note:
I would second that advice!
It is exactly what I always told members who contacted me about retirement decisions while I was CAT President. I was not going to put myself in the middle, run the risk of being wrong, and have another person live with my mistake...
...for the rest of their life.
From: trsmessenger@trs.illinois.gov [mailto:trsmessenger@trs.illinois.gov]
Sent: Monday, November 14, 2016 8:08 AM
To: Eligible Member
Subject: You are entitled to receive a refund from TRS.
Select “New User.”
Enter your Social Security number.
Enter your birth date.
Enter your member ID.
Follow the remaining online prompts.
The best idea is to contact TRS, find out the amount of refund you may receive, your options, and make a decision as you see best.
