State of Illinois pension
My husband worked for the State of Illinois from 1985 to 1996. He is vested and entitled to a small monthly pension. He is 63, does not intend to retire for a few more years, and does not intend to return to government employment. Is there any reason he shouldn’t start taking this pension while he is still working?
Terry Says
I’m not familiar with the terms of this pension. Ask if there is a penalty for receiving it before a certain age, or if he has other income from work. I’m just assuming they have some sort of penalty for taking it early — or that if he delays there might be a cost-of-living increase on his monthly check when he does start taking the pension. The pension administrator can answer these questions specifically so you don’t make a big mistake.
