1. What is the Illinois Police Pension?

The Illinois Police Pension is a retirement benefit program for police officers in Illinois, calculated based on years of service and final average salary. It provides financial security for officers after their service period.

2. How Does the Calculator Work?

The calculator uses the Illinois police pension formula:

Where:

• \( YS \) — Years of Service (years)
• \( FAS \) — Final Average Salary (USD)
• \( 2.5\% \) — Annual accrual rate

Explanation: The formula multiplies 2.5% by the years of service and final average salary to determine the annual pension amount.

3. Importance of Pension Calculation

Details: Accurate pension calculation helps police officers plan for retirement, understand their future financial benefits, and make informed career decisions.

4. Using the Calculator

Tips: Enter years of service (typically 20-30 years for full pension) and final average salary (average of highest consecutive years). All values must be valid (YS > 0, FAS > 0).

5. Frequently Asked Questions (FAQ)

Q1: What is the maximum pension percentage?
A: Typically 75% of final average salary after 30 years of service (2.5% × 30 years = 75%).

Q2: How is final average salary calculated?
A: Usually the average of the highest consecutive 4 years of earnings in the last 10 years of service.

Q3: Are there early retirement reductions?
A: Yes, retiring before normal retirement age may result in reduced pension benefits.

Q4: What other factors affect the pension?
A: Disability benefits, survivor benefits, and cost-of-living adjustments may apply.

Q5: Is this calculator official?
A: This is an estimation tool. Actual pension amounts should be verified with official pension board calculations.