What is a Pension Impact Statement
By law, IMRF employers must submit a "Request for Pension Impact Statement" form from IMRF before increasing the earnings of officers, executives, or managers by 12% or more. Please send IMRF a secure message through Employer Access or call our employer-only number at 1-800-728-7971 to request this form.
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:
- For a member who is more than 10 years from retirement eligibility
- For a standard promotion that results in an increased responsibility and workload
- Because of an increase in the number of hours the member is required to work
- Paid under a contract or collective bargaining agreement entered into, amended, or renewed before January 1, 2012
Pension Impact Statement process
- The employer considers increasing the earnings of an officer, executive, or manager by 12% or more.
- 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.
- The employer receives the Pension Impact Statement from IMRF. The expected turnaround time is 2-3 business days.
- The employer receives an invoice for the $25 fee. To avoid paying an additional handling fee, pay online.
- 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.