Employers are required to immediately pay that portion of the present value of a pension attributable to earnings increases exceeding the greater of 6% or 1.5 times the increase in the CPI-Urban as of the previous September. This applies to earnings increases paid on or after January 1, 2012, to members retiring on or after February 1, 2012.
After receiving the Accelerated Payment invoice from IMRF, employers may dispute the increase by providing documentation of any exemption within 30 days or pay the amount due without interest within 90 days. After 90 days, employers will be charged interest based on the assumed rate of return. The full amount must be paid within three years.
When paying with First Data, employers must use the code 025 for Accelerated Payments.