If we assume the Tier 1 member from the example above retired on December 31, 2009, he would be entitled to receive Regular Tier 1 pension of $700 per month for life effective January 1, 2010.
On average, a male IMRF member retiring at age 60 would be expected to live another 18 years. If his wife were age 59, she would be expected to live 10 years longer than her husband
This table illustrates the total payout for the above example or the following table:
|
Original |
Monthly |
Monthly Pension With Increase |
Annual |
1 |
2012 |
700.00 |
700.00 |
8,400.00 |
2 |
2013 |
700.00 |
721.00 |
8,652.00 |
3 |
2014 |
700.00 |
742.00 |
8,904.00 |
4 |
2015 |
700.00 |
763.00 |
9,156.00 |
5 |
2016 |
700.00 |
784.00 |
9,408.00 |
6 |
2017 |
700.00 |
805.00 |
9,660.00 |
7 |
2018 |
700.00 |
826.00 |
9,912.00 |
8 |
2019 |
700.00 |
847.00 |
10,164.00 |
9 |
2020 |
700.00 |
868.00 |
10,416.00 |
10 |
2021 |
700.00 |
889.00 |
10,668.00 |
11 |
2022 |
700.00 |
910.00 |
10,920.00 |
12 |
2023 |
700.00 |
931.00 |
11,172.00 |
13 |
2024 |
700.00 |
952.00 |
11,424.00 |
14 |
2025 |
700.00 |
973.00 |
11,676.00 |
15 |
2026 |
700.00 |
994.00 |
11,928.00 |
16 |
2027 |
700.00 |
1,015.00 |
12,180.00 |
17 |
2028 |
700.00 |
1,036.00 |
12,432.00 |
18 |
2029 |
700.00 |
1,057.00 |
12,684.00 |
|
||||
Total Pension Payout |
$ 189,756.00 |
|||
|
||||
Single Sum Payment |
$ 3,000.00 |
|||
*Surviving Spouse pension of $528.50 Per month for 10 years with an annual Increase of $15.86 |
$ 71,984.40 |
|||
Total Cash Payout |
$ 264,740.40 |
|||
Please note: The total cash payout shown above does not include the supplemental retirement benefit (13th payment). The supplemental retirement benefit is paid in addition to the pension and surviving spouse pension amounts.
* Under Tier 1, the annual increase is 3% of the original amount and is paid each January 1. Under Tier 2, the annual increase is the lower of 3% of the original pension amount or one-half of the increase in the Consumer Price Index (urban) for the preceding year as of September. The increase not paid until the later of age 67 or after one year of receiving a pension.
** Under Tier 1, the Surviving Spouse monthly pension equals 50% of member’s monthly Standard pension at time of death. Under Tier 2, the Surviving Spouse monthly pension equals 66-2/3% of member’s monthly pension at time of death.