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

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.

Table of contents:

• About your SLEP Retirement Benefits
  
• To apply for your pension
  
• Pension formula
• Reaching Maximum Benefit
• SLEP pension estimate chart
• Pension increases
  
• Supplemental benefit payment or 13th payment
  
• If you return to work

About your SLEP Retirement Benefits

A SLEP pension is paid as long as you live and is increased by 3 percent of the original amount on January 1 of each year after you retire.

Some IMRF members can also retire under the Early Retirement Incentive.

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To apply for your pension

Apply for your IMRF pension by completeing and submitting IMRF Form 5.20.

You should submit this application to IMRF along with the requested documents. Each document should have the member's Social Security number written on it, even if you send all the documents in the same envelops.

SLEP 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.

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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

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. However, the earnings considered for each of the last three months cannot be more than 25 percent greater than the highest earnings in any of the first 45 months of the 48 consecutive months.

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.

Reaching Maximum SLEP Pension Benefit

IMRF Members will receive 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.

For more information, contact an IMRF Member Service Representative at 1-800-ASK-IMRF (1-800-275-4673).

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.