6.40 C. Member Application and Payments

5. The Tax-Deferred Payroll Deduction Program

5. Crediting service under the TPDP IMRF's Tax-deferred Payroll Deduction Program whereby a member purchases past service credit through tax-deferred payroll deduction.

If the amount withheld from each paycheck does not equal the cost for one month of service credit, service will be credited to the member’s account once IMRF collects sufficient contributions to purchase one month. (This is unlike IMRF’s Unit Payment System where each after-tax payment must equal the cost of one month, one ”unit,” of service credit.)

The additional service credit will appear on the member’s annual IMRF Member Statement of Account Each year IMRF mails to all members a Member Statement of Account. This statement provides an annual report of a member's salary, member contributions, service credit earned, and an estimate of IMRF benefit payments.. If the Member Statement includes a 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. estimate, that estimate will include the additional service credit.

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