Illinois Tier 2 Pension Calculator (Article 4)

Recognizing a need for better financial planning tools, I created this calculator to assist Tier 2 firefighters (Hired after Jan 1, 2011) plan for retirement.

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Email *
Date of Birth *
(On some phones, entering the date can be tricky. If that happens, try a computer.)
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Date of Hire *
At your current fire department
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DD
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Transfer of Credible Service (Months)
Transferred credible service from another fund

(Otherwise leave blank)
Retirement Date *
Reminder: Your pension is reduced by 0.5% for every month you retire before age 55. You cannot begin collecting a pension until age 50.

(Date must be in the future.)
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I Will Delay Collecting My Pension Until...
There is no official ruling, but some attorneys believe you may avoid the early withdrawal penalty (before age 55) by retiring and delaying pension collection. You will not receive pension benefits until you begin collecting.

(If not delaying, leave blank.)
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What is the Current Salary of the Position you Expect to Retire in? *
Example: If you plan to retire as a Lieutenant at top pay, enter this year’s top pay rate for a Lieutenant.
Assumed Annual Salary Increase Until Retirement *
Assumed Annual Inflation During Retirement *
The Federal Reserve's goal is 2% and a conservative choice.
Name
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Fire Department 
This is included in your report 
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