5.20 D. Application for Retirement Pension

IMRF has developed a Retirement Application Check List to assist Authorized Agents with a member's application for an IMRF pension Also known as an annuity. An IMRF pension is paid as long as the member lives. It is increased by 3% of the original amount each year. A member must have at least eight years of service credit and be age 55 to apply for an IMRF pension under the Regular and ECO plans. A member must be age 50 and have at least 20 years of SLEP service credit to apply for a SLEP pension..

IMRF has also developed a Member Retirement Check List to assist members in the retirement application process.

1. How To Apply For An IMRF Pension

To claim an IMRF pension, the following should be submitted:

1. Form 5.20, ”Application for IMRF (Pension),” (Exhibit 5B). The application, including questions regarding Direct Deposit of the member’s pension payment, should be completed and signed by the member. Members can also apply for retirement via Member Access.

Download and Print Form 5.20

2. ”Notice of Termination of IMRF Participation,” (see 6.30 To Close an Account). Effective August 1, 2008, employers with Internet access are required to submit terminations via Online Termination in Employer Access.

The member’s ”Final Earnings and Contribution Report,” should accurately state the month for which the last earnings and contributions will be reported.

3. Copy of birth certificate (if not already on file), or if the member cannot get a birth certificate, other acceptable evidence such as a baptismal certificate, school or military records, etc. The member’s Social Security number should be printed on the birth certificate or other evidence.  

4. Copy of marriage or civil union certificate, if the member was married or in a civil union to current spouse at least one year prior to termination of IMRF participation. The member’s Social Security number should be printed on the certificate.

5. Copy of judgment of dissolution if the member was divorced while participating in IMRF.

6. Final payroll report - ”Monthly Report of IMRF Member Earnings and Contributions” which will list the earnings and contributions of the member’s last paycheck. (Pension payments can begin before the final payroll is submitted.)

If the member wishes, he or she can expedite payment of the lump sum refund by submitting a BW-60 with the retirement application. (See Exhibit 5L, Form BW-60, ”Distribution/Rollover Certification”) However, IMRF will mail the member a Distribution/Rollover Certificate with a letter informing him or her of the taxable and non-taxable amounts of the refund.

The member may wish to wait to complete the BW-60 after he or she knows the exact amount of the refund. Also, the member may be eligible to receive the refund as additional monthly annuity payments. Refer to 5.20 B. 13.c. Methods of Payment.

Download and Print Form BW-60

Note: If the member intends to retire under the IMRF Early Retirement Incentive (ERI The IMRF Early Retirement Incentive. At the employer's option, a member can purchase up to five years of service credit. For each period of service credit purchased, the member's age is increased accordingly. The member must be at least age 50 and have at least 20 years of service credit (can include Reciprocal service).), the member must notify IMRF of his or her intention by completing IMRF Form 5.21,”Notice of Intent to Retire Under Employer’s IMRF Early Retirement Incentive” (Exhibit 5C) (See 5.20 C. 11. Notice of Intent to Retire Under Employer's IMRF ERI).

If the member is considering the Special Needs Annuity  (paragraph 5.20B 15.b), the member must submit IMRF Form 5.20R, ”r;Application for Special Needs (Reversionary) Annuity.”

Download and Print Form 5.21

2. Date of Application

The member’s application should be filed one month before the date employment terminates so the pension may start as soon as possible following date of termination. (For a discussion of a termination date and its impact on the pension effective date, refer to 6.30 To Close an Account.)

If the member wants the pension to begin at a later date, the application should be sent to IMRF approximately one month prior to the desired starting date with a letter requesting the specific starting date.

If a member is not actively participating in IMRF, IMRF can backdate the member’s pension a maximum of 12 months.

If a member is the minimum retirement age (Tier 1 age 55; Tier 2 age 62)  or older and is not participating in an Illinois public pension system, IMRF recommends the member apply for his or her IMRF pension.

A member can receive an IMRF pension and work in a position that does not qualify for IMRF participation.

Exception:  If a member retired under the Regular Tier 2 plan, the member may not receive a pension while working full-time in a position covered by any other pension system under the Illinois Pension Code. (Exception for ERI, refer to paragraph 5.20C 16.)

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