7.21 A. Death Benefit Reserve Account

Death benefits payable to the beneficiaries The individual(s) or organization(s) a member chooses to receive his or her IMRF death benefits. of deceased IMRF participating (active) members consist of a refund of member contributions Members who participate in the Regular Plan contribute 4.50% of salary toward a future IMRF pension: 3.75% for the member and 0.75% for a surviving spouse pension. Members who participate in the SLEP plan contribute 7.50% of salary (on and after June 1, 2006) toward a future SLEP pension: 6.75% for the member and 0.75% for a surviving spouse pension. Before June 1, 2006, SLEP members contributed 6.50 percent of salary; 5.75 percent for the member and 0.75 percent for a surviving spouse pension. Members in the ECO plan contribute 7.50 of salary toward a future ECO pension: 6.75% for the member and 0.75% for a surviving spouse pension. including interest, plus a supplemental amount equal to one year’s earnings. The cost of the supplemental portion is borne entirely by the employer A unit of government that joins IMRF.. The average death benefit contribution rate for 2024 is 0.17% of participating payroll.

Employer contributions The employer IMRF contribution rate is computed separately for each employer every year. Employer contributions pay a portion of the cost of retirement pensions, surviving spouse pensions, death benefit coverage, and disability benefits. for death purposes are placed in a Death Benefit Reserve for all IMRF employers. However, the assessment to individual employers is on an individual basis, much like a group life insurance premium. The rates are calculated separately for each employer based on the average age of their employees.

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