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The
information on this page applies to participants of all IMRF plans.
This
page provides a brief explanation of how to read your IMRF member statement.
Based upon your individual circumstances, your statement may have certain
different categories of information. You can also take a look at the current
mailing schedule or the Member Statement
Frequently Asked Questions.
The
accuracy of your account is important to your future—resolving
a problem now may save you time and aggravation down the road.
Some of the highlights of your statement include:
- Pension estimates for all members, even those who are
not yet vested
- Pension payout plans
- Month-by-month listing of contributions made and service
credit earned in the previous year
- More information about your IMRF benefits in general
- Make
sure your name, address, and last four digits of your Social Security
number are correct. To protect your privacy, your Social Security number
is masked and only the last four digits are shown. Note that we also
print a letter key after your masked Social Security number in order
to help identify you in our system.
- To
change or correct your name, address, date of birth, gender, or last
four digits of your Social Security number, see the instructions for
correcting information on your member statement.
- You can also change
your address online through your Member
Access account.
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Your
statement provides your total contributions and service information.
-
Check your member contributions on deposit and total IMRF service credit
as of December 31 of the previous year.
- Confirm
the amount of contributions you made and the service credit you earned
for that year, if any. You can check this information against the W-2
your IMRF employer provided.
-
Verify any adjustments to your account.
-
Make certain your account’s ending balance as of December 31,
is correct.
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- All
of your IMRF employers (past and present) should appear on your statement,
with the total amount of service credit you earned with each. You will
also see the total member contributions you made while working for each
employer.
- Your
earnings and contributions are listed as reported to IMRF by your employer.
-
Note that you can add missing service credit only if you are actively
participating in IMRF or in a reciprocal retirement system.
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Your
Retirement Benefits
IMRF
is provides pension estimates to all members with at least one year
of service credit, even if they are not yet vested. Depending on
your age, you’ll receive either two or three estimates.
Your Disability Benefits
Most
IMRF members will have an estimate of disability benefits. To be eligible
for disability benefits, you must have at least 12 consecutive months
of service credit. Refer to the IMRF
Disability Booklet for details regarding IMRF disability benefits.
Death Benefits
The
minimum benefit is a refund of the balance of your member account.The
death benefit payable to your beneficiaries depends upon your IMRF
plan and tier.
If
you wish to change your death benefit beneficiary, submit a new Form
6.11, "Designation of Beneficiary". The new designation becomes
effective when the form is processed and on file in the IMRF office.
At this time, you cannot change your beneficiary information online.
Refund
Information
Some
IMRF members will have an estimate of a refund amount shown that
would be available if you terminate IMRF employment.
Pension
Value
The “Pension Value” section on the bottom of your statement
is designed to help you understand just how valuable your future IMRF
pension is to you.
With a defined contribution (DC) plan, like a 401(k), 457, or 403(b),
it’s easy to see the amount in your account grow. However, with
a defined benefit pension like IMRF, your monthly pension is based upon
a formula that includes your service credit, an average of your salary,
and your age—not on a lump sum amount in your member account.
It can be difficult to see the total value of your monthly pension when
it is compared a to lump sum DC account. The “Pension Value”
illustrates how much you would have to save, e.g., in a private savings
account or in an employer-sponsored DC plan, to purchase an annuity
that would equal your IMRF pension.
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