4.10 General Explanations

Following are explanations of basic concepts and terms used throughout this material. A review of them will aid your understanding of the rest of this section.

1. Identifying numbers

2. IMRF members

3. Social Security & Medicare-only employees

4. Contribution rates

5. IMRF employer and tax-deferred member contributions

6. Social Security employer and employee taxes

7. Tax levy

8. Section 414(h) tax deferral of IMRF member contributions

9. Income tax withholding under the 414(h) tax deferral plan

10. W-2 reporting under the 414(h) tax deferral plan

11. IMRF and Social Security/Medicare reporting under the 414(h) tax deferral plan

12. Current year

13. Prior year

14. Reporting media