Office of the
Illinois Attorney General
Kwame Raoul

Chicago – Attorney General Kwame Raoul and the State Employee Retirement System (SERS) cautioned state of Illinois employees and retirees about attempted investment scams directed at them.

“State employees and retirees in Illinois should be on the lookout for unsolicited emails claiming to provide assistance with retirement planning,” Raoul said. “These entities often try to imply they are associated with the State Employees’ Retirement System, but they are not. They are likely trying to obtain your personal information or sell you a product. Individuals who receive these emails should not respond or click on any links. Instead, report them to the retirement system.”

SERS has received hundreds of inquiries from state employees and retirees who have received one or more messages from so-called investment advisors who imply they are associated with or working with SERS or the state of Illinois. These so-called investment advisors claim to assist employees and retirees with retirement questions regarding their Illinois pension, such as when to retire, which retirement options fit their retirement goals and how much longer they must work. These messages often contain a link to set an appointment to discuss the recipient’s retirement options. SERS cautions that it does not contact members by email or in other ways to schedule a financial counseling appointment unless the member has contacted SERS to request one.

“SERS is actively working with authorities to end these unsolicited, misleading emails being sent to state employees,” said SERS Executive Secretary Tim Blair. “These so-called advisors offering free pension or retirement reviews are not employees of the state of Illinois and will not be able to answer direct questions about benefits provided by SERS. Instead, they attempt to sell life insurance or other annuity products for which they may earn a high commission. Do not share personal information or click any links in these emails.”

State of Illinois employees and retirees who receive these messages should be aware that these so-called advisors may not have specific expertise with state of Illinois pensions and likely will attempt to sell investment products to individuals who respond.

Attorney General Raoul advises that if you receive a message like this, do not provide your contact information and do not click on a scheduling link. Instead, forward the message to SERS by emailing reportfraud@srs.illinois.gov. 

State of Illinois employees and retirees can obtain information about their state of Illinois pension directly from the SERS website and through their member services account. Anyone seeking financial advice can speak with a certified financial planner or other financial services professional who is required to undergo specific training and has a fiduciary duty to advise clients based on the client’s financial interests.