Yearly Pension Increases
If 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 year
If 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.
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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 FundPage Last Updated by JC on 12.02.2010