6.40 Past Service Credits/Member Account Corrections

9. Retroactive Service for General Assembly Members (IMRF Form "Application by Member of the General Assembly for Service Credit Authorization as an Elected Official”)

Members of the General Assembly who did not previously establish IMRF credits for services rendered as an elected official for a participating IMRF governmental employer A unit of government that joins IMRF. may obtain credit for such service by paying required IMRF contributions plus interest. The member An employee who works in a position not excluded from IMRF coverage and whose position meets the annual hourly standard for IMRF coverage. For the purposes of an Authorized Agent submitting a petition or casting a ballot in an executive trustee election, an active member also includes an employee receiving an IMRF pension and working in position that does not qualify for IMRF participation or one that provides the employee the option of participating in IMRF, e.g., elected office. may be eligible to use funds from a traditional Individual Retirement Account (IRA Individual Retirement Account. A tax-deferred retirement account for an individual that permits individuals to set aside up to $2,000 per year, with earnings tax-deferred until withdrawals begin at age 59 1/2 or later (or earlier, with a 10% penalty).) or from another qualified plan or 457 or 403(b) plan A retirement plan that functions like a defined contribution plan and is similar to a 401(k) plan, but is offered by non-profit organizations, such as universities and some charitable organizations, rather than corporations. If you work for a school district or a public hospital, you may be familiar with an Internal Revenue Code Section 403(b) tax-deferred annuity. to purchase the retroactive service credit.

To apply for service credit, the member must file IMRF Form entitled, "Application by Member of the General Assembly for Service Credit as an Elected Official."

Members can access this form by visiting the Member Access area on IMRF's website (www.imrf.org).

A standing resolution must be on file establishing that the elected position held previously by the General Assembly member qualified for IMRF coverage.

To use IMRF’s suggested form of resolution, please send a secure message to request a “Resolution to Allow Elected or Appointed Governing Body Officials to Participate in IMRF” form. If unable to send a secure message, please call the employer-only phone number at 1-800-728-7971.

The General Assembly member can then request transfer of his or her service and credits to the General Assembly Retirement System, or, the member can leave these credits on deposit with IMRF for future retirement. If the member’s credits are transferred, there is no employer cost. If credits remain on deposit with IMRF, no immediate payment is required of the employer, but the cost will be reflected in future employer contribution rates.

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