5.10 B. Amount of Separation Refund

The separation refund consists of IMRF member contributions Members who participate in the Regular Plan contribute 4.50% of salary toward a future IMRF pension: 3.75% for the member and 0.75% for a surviving spouse pension. Members who participate in the SLEP plan contribute 7.50% of salary (on and after June 1, 2006) toward a future SLEP pension: 6.75% for the member and 0.75% for a surviving spouse pension. Before June 1, 2006, SLEP members contributed 6.50 percent of salary; 5.75 percent for the member and 0.75 percent for a surviving spouse pension. Members in the ECO plan contribute 7.50 of salary toward a future ECO pension: 6.75% for the member and 0.75% for a surviving spouse pension. less any benefit prepayment. No interest is paid with a separation refund A member can receive a separation refund-a return of all his/her member contributions without interest-under certain conditions. If a member takes a refund, the member forfeits all of the service credit he/she earned., nor are the IMRF employer contributions refunded to the member.

However, if the member purchased service, e.g., paid back a refund, purchased military service, etc., and the member’s payment(s) included interest, the separation refund will include the ”member-paid” interest.

A member can view an estimate of his or her IMRF Separation Refund via the Member Access area of IMRF’s Website, www.imrf.org. See 1.80 B. IMRF Website.

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