ERO (Early Retirement Option) has been around since 2005, and Illinois teachers have been using it to retire early without a reduction in their pension benefit. If a teacher had two years left until they had full pension benefits, they could pay these pensions contributions up front – if the district agreed to do the […]
If you’ve earned Social Security benefits on your record (40 credits or 10 years of working), you are eligible for Social Security benefits. However, your pension will reduce the amount as to how much you’re eligible. The part of the Social Security code which determines this is called the “Windfall Elimination Provision (WEP)”.