Accelerated Payment Estimator

Public Act 97-0609 requires employers to pay IMRF immediately upon a member's retirement for the additional cost of a pension resulting from certain salary increases. IMRF has identified those employer payments as “Accelerated Payments” (AP). (The AP is due when the member retires, not when the salary increases.)

Who should use this spreadsheet?

If you are planning to provide a member with salary increase of more than 6% in 2012, you can use this spreadsheet to estimate future cost (payable when the member retires).

Estimate your future Accelerated Payment

You can download an Excel spreadsheet to estimate the amount of any AP:

• Your actual AP may be different, either higher or lower than the estimate provided by the spreadsheet
• The spreadsheet can be used only for Tier 1 members within 10 years of retirement

To calculate the AP you will need to enter the member’s:

• Date of birth
• Estimated termination date
• Gender
• Marital Status
• Total IMRF service at retirement
• IMRF plan
• Monthly wages for each month up to the member’s termination date

Additional instructions are included in the Instructions tab of the spreadsheet.

Questions? Send IMRF a secure message.

Download the spreadsheet here.

Note: The AP Estimator spreadsheet has certain limitations and cannot always produce an accurate estimate of an Accelerated Payment. Some of the reasons for these limitations are listed in the spreadsheet instructions. The accuracy of the estimate depends on the accuracy of the data entered. This spreadsheet produces estimates—the actual AP will be determined when a member retires and will be based on the IMRF records for the retiring member. In all cases, the requirements of the Illinois Pension Code will apply.