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| Direct
Deposit of your IMRF Benefit Payment
IMRF has implemented a mandatory Direct Deposit program. Why
does IMRF mandate Direct Deposit?
What
is Direct Deposit? Myths
about Direct Deposit Debunking Direct Deposit Myths What
do you need to do? After three paper check payments, future payments may be suspended until you enroll in Direct Deposit. IMRF Form 1199, "Application for Direct Deposit" Are
there any exemptions? Exemptions from Direct Deposit are reviewed on a case-by-case basis. If you think you qualify for an exemption, you must call a Member Services Representative at 1-800-ASK-IMRF (1-800-275-4673) to begin the review process. Examples of a qualified exemption include:
Direct
Deposit statement
This statement will provide you with a breakdown of the current month’s payment as well as year-to-date figures. Processing
time Changes Banking
information/name change However, if you are changing financial institutions or if you are changing your name, you need to submit a new Form 1199. IMRF must have these changes in writing with your signature. We cannot accept financial institution or name changes over the phone or via email. Please note that benefit payments are prepared in the middle of the previous month. Changes should generally be submitted to IMRF before the 10th of the month to be processed in time for the next benefit payment. Address
change If
you do not inform IMRF of address changes, If any piece of mail is returned to IMRF because you have not changed your address with us, we will stop your Direct Deposit. This often occurs when a post office forwarding order expires. Since all IMRF mail has been forwarded, members sometimes do not realize that they have not officially changed their address with IMRF.
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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 LBH on 07-15-10 | |||||||||||||||||||||||