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Retirement Benefits Under the SLEP Plan

Public Act 94-712 modified the SLEP plan and was effective June 1, 2006. These benefits apply to IMRF SLEP members in participating status on or after June 1, 2006. If you terminated participation in the SLEP Plan after July 1, 2004 but before June 1, 2006, the retirement benefits on these pages apply to you.

If you terminated IMRF SLEP participation on or before July 1, 2004, your benefits are different than those described here. You can read them here.

Table of contents:


About your SLEP Retirement Benefits

Once you are vested (20 years of SLEP service credit), your SLEP 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.

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To apply for your pension

To apply for your pension, 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.

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SLEP Pension formula

The SLEP pension formula applies only to SLEP members with 20 or more years of Sheriff’s Law Enforcement service at age 50 or older.

The SLEP pension formula is:

  • 2.50% of your final rate of earnings for each year of SLEP service credit

The total pension at retirement, however, cannot exceed 80% of your final rate of earnings.

An example of a pension calculation

When you retire, you have:

    • 27 years of SLEP service credit
    • Final rate of earnings (FRE) of $4,000 per month.

Using the SLEP pension formula:

2.50% x 27 years = 67% x $4,000 = $2,700
Total monthly pension $2,700.00

Final Rate of Earnings

Under the SLEP plan, your final rate of earnings are your highest total earnings during any 48 consecutive months within your last 10 years of IMRF service divided by 48. Usually, this is the average of the last 48 months of service.

Service Credit

Service credit is your total time under IMRF, stated in years and fractions. Service is credited monthly while you are working, receiving IMRF disability benefits or while you are on IMRF's Benefit Protection Leave.ce credit

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Reaching Maximum SLEP Pension Benefit

A SLEP member reaches the maximum SLEP retirement benefit after earning 32 years of SLEP service credit.

If you have 32 or more years of SLEP 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.

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Pension increases

A SLEP 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. The first year increase is prorated unless the effective date of the pension is January 1.

EXAMPLE

$1000 monthly pension effective January 1 with the annual 3% increase.
Year Monthly Amount
1 $1,000
2 $1,030
3 $1,060
4 $1,090
5 $1,120
10 $1,270
15 $1,420

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If you do not vest for a SLEP pension

The SLEP pension formula applies only to SLEP members with 20 or more years of Sheriff’s Law Enforcement service. If you do not earn 20 years of SLEP service credit, your pension will be calculated under the Regular Plan tier that corresponds to your first IMRF participation date.

  • If you first participated in IMRF or an Illinois Reciprocal System prior to January 1, 2011, and do not vest for a SLEP pension, your retirement benefits will be calculated under the rules for IMRF Regular Tier 1 plan participants.
  • If you first participated in IMRF or an Illinois Reciprocal System on or after January 1, 2011, and do not vest for a SLEP pension, your retirement benefits will be calculated under the rules for IMRF Regular Tier 2 plan participants.

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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 Fund

Page Last Updated by JC on 11.09.210