Retirement Benefits Under the SLEP Plan - Members who terminated participation on or before July 1, 2004

The retirement formula on this page applies to members who terminated IMRF SLEP participation on or before July 1, 2004 with 20 or more years of service credit.

If you participated in the IMRF SLEP plan after this date, your benefits are different, and can be found here.

Table of contents:

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• About your SLEP Retirement Benefits
• Pension formula
• Reaching Maximum Benefit
• SLEP pension estimate chart
• Pension increases

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.

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.

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Pension formula

This SLEP pension formula applies to SLEP members with 20 or more years of SLEP service who terminted SLEP participation on or before July 1, 2004.

The SLEP pension formula for members who meet the above criteria is:

• 50 percent of your final rate of earnings for the first 20 years of service credit, plus
• 2 percent of your final rate of earnings for each year of service credit over 20 and under 30 years, plus
• 1 percent of your final rate of earnings for each year of service credit over 30 years.
  The total pension at retirement, however, cannot exceed 75 percent of your final rate of earnings.

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 who terminted SLEP participation on or before July 1, 2004 will receive the maximum SLEP retirement benefit after earning 35 years of SLEP service credit.

If you terminated SLEP participaton on or before that date, and return to SLEP participation after June 1, 2006, different rules apply.

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 percent 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.