|
|||||||||||||||||||||||
![]() |
|||||||||||||||||||||||
|
|
Yearly Pension IncreasesIf you retired under Tier 1 Your pension will be increased by 3 percent of your original pension amount on January 1 of each year. You can find the amount of your increase on your Certificate of Benefits. This increased amount does not change and is not compounded; that is, it is always 3 percent of your original pension amount, not 3 percent of your current pension payment.
If you retire partway through a yearIf you retire after January 1 of a given year, your 3 percent increase will be prorated.
If you retired under Tier 2 Your IMRF pension is paid as long as you live. If you retire under the Regular Tier 2 plan, annual increases begin once you reach age 67, or after you receive one year of benefit payments, whichever is later. It is then increased each January 1 by the lower of 3% or one-half of the increase in the Consumer Price Index (urban) for the preceding year of the original amount. If the CPI decreases or is zero, no increase is paid.
| ||||||||||||||||||||||
If you have questions regarding IMRF, Communicate with Us. | Home Page | Members | Retirees | Employers
| Inactive Members | Publications | Legislation | Find
IMRF
| 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 12.02.2010 | |||||||||||||||||||||||
