The information on this page applies to participants of IMRF’s Regular Plan Tier 1 only.
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IMRF provides for retirement benefits. Once you are vested (under the IMRF Regular Tier 1 plan, you are vested when you reach eight years of service credit) and eligible to retire, the pension is paid as long as you live, and is increased by 3% of the original amount on January 1 of each year after you retire.
Some IMRF members can also retire under the Early Retirement Incentive.
IMRF pensions are effective on the first day of the month after employment terminates and are paid in advance on the first day of every month. If you retire at any time during a month, you receive full service credit for that month, and your pension will be effective on the first day of the next month.
You will receive your IMRF benefit payment by Direct Deposit. Direct Deposit ensures the security of the your monthly pension by having the benefit payment electronically deposited into your checking, savings, or brokerage account.
To view a current estimate of your IMRF pension, sign into your Member Access account.
You can apply for your pension online. One month before your desired retirement date, sign in to your Member Access account, select the "Tools" tab, then select "Secure Online Forms."
Or, you can complete IMRF Form 5.20, "Application for IMRF Pension," and submit it to IMRF one month before your desired retirement date.
IMRF pensions are effective on the first day of the month after you terminate employment. IMRF pays pensions in advance on the first day of every month. For example, your August pension will be paid to you on August 1. If you retire at any time during a month, you receive full service credit for that month, and your pension will be effective on the first day of the next month. If you retire on September 15, you will receive service credit for the month of September, and your pension will be effective on October 1. You will receive your first pension payment within 30 days of that date.
Please note: IMRF can "back date" a pension only 12 months. If you are a Tier 1 participant who no longer participates in IMRF but are at least age 55, we recommend you apply for your pension.
Your IMRF pension is 1-2/3% of your final rate of earnings for each of the first 15 years of service credit, plus 2% of your final rate of earnings for each year of service credit in excess of 15 years. However, your total pension at retirement cannot exceed 75% of your final rate of earnings.
IMRF Regular Tier 1 Plan Members will receive the maximum retirement benefit after earning 40 years of Regular Tier 1 Plan service credit. If you have 40 or more years of service credit, you can elect to stop making IMRF contributions. If you stop contributing, you will still have the same death and disability benefit protecting as contributing members.
For more information, complete IMRF Form 6.24, "Election to Cease Making IMRF Contributions"
When you retire, your initial pension payments are always based on IMRFs Standard plan. However, you may be eligible for other payment options.
Your IMRF pension is paid as long as you live. If you retire under the Regular Tier 1 plan, it is increased by 3% of the original amount on January 1 of each year after you retire. The first year increase is prorated unless the effective date of the pension is January 1.
If you have questions regarding IMRF, Communicate with Us.
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IMRF Online provides a brief summary of IMRF benefits and the adminstration of those benefits. IMRF members' and employers' rights and obligations are governed by Article 7 of the Illinois Pension Code. Statements in these publications are general, and the Illinois state law governing IMRF is complex and specific. If a conflict arises between information in these publications and the law, all decisions are based on the law.
Copyright © Illinois Municipal Retirement FundPage Last Updated by LH on 07-09-12