Employers are required to pay IMRF for the additional cost of a pension resulting from certain salary increases immediately upon a member's retirement. These payments are called Accelerated Payments (AP). The AP is due when the member retires, not when the salary increases.
To help you estimate your future cost of a salary increase, we have created an Excel spreadsheet.
Who should use this spreadsheet?
If you are planning to provide a member with salary increase of more than 6% (or 1.5 times the increase in the CPI-Urban as of the previous September, whichever is greater), you can use this spreadsheet to estimate future cost (payable when the member retires).
This spreadsheet has been corrected since it was first made available in January 2012. If you previously calculated an estimated AP using this spreadsheet, you should download the revised spreadsheet and recalculate the amount. The previous spreadsheet provided you with incorrect results.
Estimate your future Accelerated Payment
You can download an Excel spreadsheet (Updated 11/22/13) to estimate the amount of any AP:
- Your actual AP may be different, either higher or lower than the estimate provided by the spreadsheet
- The spreadsheet can be used only for Tier 1 members within 10 years of retirement
To calculate the AP you will need to enter the members:
- Date of birth
- Estimated termination date
- Marital Status
- Total IMRF service at retirement
- IMRF plan
- Monthly wages for each month up to the members termination date
Additional instructions are included in the Instructions tab of the spreadsheet.
Questions? Send IMRF a secure message.
Note: The AP Estimator spreadsheet has certain limitations and cannot always produce an accurate estimate of an Accelerated Payment. Some of the reasons for these limitations are listed in the spreadsheet instructions. The accuracy of the estimate depends on the accuracy of the data entered. This spreadsheet produces estimates—the actual AP will be determined when a member retires and will be based on the IMRF records for the retiring member. In all cases, the requirements of the Illinois Pension Code will apply.