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The information on this page applies
to participants of all IMRF plans.
This
page features the questions (and answers) that are most often asked about
IMRF annual member statements. For a general guide to reading your member
statement, see our member statement explanation
page. You can also look at the current
statement mail schedule here.
Can I view my statement online?
Yes. Annual Member Statements from 2005 onward are available in your Member Access account.
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Does my statement show my employer contributions?
No.
The contribution amount on your statement does not include your employer
contributions. What you see is the amount of your earnings and your member
contributions reported to IMRF for the previous calendar year by your
employer(s).
All
the money you contribute to IMRF is used only toward your pension. Other
benefits, such as disability and death benefits, are paid from your employer's
contributions. In fact, the major portion of your pension actually comes
from money put aside by your employer.
You
cannot borrow from your contributions nor use them as collateral for a
loan. Also, they cannot be garnished by any creditor.
If
you decide to leave your IMRF position and stop participating in IMRF,
only your member contributions can be refunded to you.
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What
is the "pension value" shown on my statement?
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.
This
estimated
cost takes into consideration not only what it would cost for you to
purchase a comparable annuity benefit, but also includes an estimate
of the costs of benefits included with your pension: yearly increases,
the 13th benefit payment,
and a surviving spouse
pension.
It is not a lump-sum amount.
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How
is service credit shown if I work for two different IMRF employers?
If
you work for two IMRF employers at the same time, you will be reported
by both employers for the same month. However, by law, you are eligible
for only one month of service. This is called "concurrent service
credit."
On
your statement, you receive only one month of service credit when you
work for two IMRF employers at the same time. However, the salary you
earn from both employers is combined for that month. Therefore, if the
concurrent service occurs during your "final
rate of earnings" (FRE) period, it can increase the amount of your
pension.
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The
amount listed for my death benefit seems so large. Is this really
my death benefit amount?
The
minimum benefit is a refund of your contributions (not your employer's
contributions) plus interest.
If
you have more than one year of service credit or your death is job
related, IMRF will pay one year's salary plus all your member contributions
with interest. If you are vested, your spouse
may be eligible for a monthly pension and a lump sum death benefit.
If
you wish to change your beneficiary, complete and submit a new Form
6.11, "Designation of Beneficiary." The new designation becomes
effective when the form is in the IMRF office.
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Why does my statement say I'm not vested, when I am?
The
amount of service credit appearing on your member statement refers solely
to your IMRF service credit. If all of your service credit is with IMRF,
this amount should accurately reflect your IMRF service credit as of December
31 of the previous year. If you became vested after this date, your statement
will not reflect your vested status.
If
our records indicate that you have service credit with any of the 12 reciprocal
retirement systems in Illinois, the name(s) of the system(s) is printed
on your statement, and in some cases the esrvice credit you have earned
with that system will be printed. (Not all reciprocal systems report the
amount of service credit to IMRF.)
Such
reciprocal service credit can result in larger retirement benefits. If
you have service credit with any of the Illinois reciprocal retirement
system(s) and its name is not listed, please contact IMRF.
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