A member who currently participates in IMRF and has 40 or more years of service credit can elect to stop making IMRF contributions. Use IMRF Form entitled, ”40-Year Service Election to Cease Contributions,” to stop member and employer retirement contributions for the member.
To access this form, members can visit the Member Access area on IMRF's website (www.imrf.org).
A member with 40 years of IMRF service credit is allowed this option because the maximum IMRF pension payable is 75% of a member’s final rate of earnings (FRE). That 75% is earned after 40 years.
If a member chooses to stop making contributions to IMRF, he or she will receive the 4-1/2% of salary that would have been contributed to IMRF (less federal and state income taxes). The member’s FRE will be frozen as of the effective date of the election.
The member will continue to be treated as a participating member for the purposes of death and disability benefits. That is, the member will remain eligible for IMRF death and disability benefits (assuming all other benefit eligibility requirements are met.)
The member would not be eligible for an IMRF retirement benefit until he or she stops working in an IMRF qualified position and applies for a retirement annuity.