Pension Impact Statements

Documents

What is a Pension Impact Statement

By law, IMRF employers must submit a Request a Pension Impact Statement from IMRF before increasing the earnings of officers, executives, or managers by 12% or more.


The Pension Impact Statement will show your employer an estimate of the increase to the member’s future pension and an estimate of the additional cost your employer will have to pay when the member retires (Accelerated Payments).


When IMRF sends the completed Pension Impact Statement, your employer must sign and return it to IMRF.

Certain increases are exempt

Your employer does not have to request a Pension Impact Statement if the earnings increase is:

Pension Impact Statement process

  1. The employer considers increasing the earnings of an officer, executive, or manager by 12% or more.
  2. The employer fills out and submits the Request for Pension Impact Statement form signed by the individual who has the authority to approve a salary increase and by the Authorized Agent.
  3. The employer receives the Pension Impact Statement from IMRF. The expected turnaround time is 2-3 business days.
  4. The employer receives an invoice for the $25 fee. To avoid paying an additional handling fee, pay online.
  5. If the employer approves the pay increase, a signed copy of the statement must be returned to IMRF by Employer Access, fax, or mail.

For more information

Please refer to IMRF General Memorandum 620, or call IMRF Employer Services at 1-800-728-7971.