Member Statements Explained

The accuracy of your account is important to your future—resolving a problem now may save you time and aggravation down the road.

Your annual Personal Statement of Benefits ("member statement") includes:

• Pension estimates
• Pension payout plans
• Month-by-month listing of contributions made and service credit earned in the previous year
• Estimates of your other IMRF benefits, such as disability and death benefits

Statements are in Member Access

Member statements for the previous year are available to view in your Member Access account in the first quarter of the following year. You can also view your older statements. Annual member statements from 1999 and later are available in your Member Access account.

Your IMRF Member ID Number

For increased privacy protection, IMRF has created unique member identification numbers for all our members. You will see your IMRF Member ID Number on your member statement in place of your Social Security Number.

You will also see your IMRF Member ID Number on any correspondence you receive from IMRF, and you can use it when calling IMRF or when completing an IMRF form.

Verifying Personal Information

Make sure your name and address are correct. To change or correct this information, you can:

• Update it through your Member Access account.
• Complete and send an IMRF Member Information Change form.
• Send IMRF a written note informing us of your changes. This note must include your signature and your IMRF Member ID Number.

Verifying Total Contributions and Service

Your statement provides your total contributions and service information.

Check your member contributions on deposit and total IMRF service credit as of December 31 of the previous year. Confirm the amount of contributions you made and the service credit you earned for that year, if any. You can check this information against the W-2 your IMRF employer provided. Verify any adjustments to your account.

Make certain your account’s ending balance as of December 31, is correct.

Verifying All Past and Present Employers

All of your IMRF employers (past and present) should appear on your statement, with the total amount of service credit you earned with each. You will also see the total member contributions you made while working for each employer. Your earnings and contributions are listed as reported to IMRF by your employer.

You can add missing service credit only if you are actively participating in IMRF or in a reciprocal retirement system.

Estimates of Benefits

Your Retirement Benefits

Your Personal Statement of Benefits will provide a pension estimate if you have at least one year of service credit. Depending on your age, your statement will provide either two, three, or four pension estimates.

Your Disability Benefits

Most IMRF members will have an estimate of disability benefits. To be eligible for disability benefits, you must have at least 12 consecutive months of service credit.

Death Benefits

The minimum benefit is a refund of your member contributions. The death benefit payable to your beneficiaries depends upon your IMRF plan and tier and your years of service credit.

If you wish to change your death benefit beneficiary(ies), submit a new "Designation of Beneficiary" form. The new designation becomes effective when the form is processed and on file in the IMRF office. You can also submit a new "Designation of Beneficiary" form through Member Access.

Refund Information

Depending on your age and years of service credit, your Statement may include information about a refund of your member contributions if you stop working for your IMRF employer.

Pension Value

The "Pension Value" shown on the front of your Statement is designed to help you understand just how valuable your future IMRF pension is to you.

With a defined contribution (DC) plan, like a 401(k), 457, or 403(b), it’s easy to see the amount in your account grow. However, with a defined benefit pension like IMRF, your monthly pension is based upon a formula that includes your service credit, an average of your salary, and your age—not on a lump sum amount in your member account.

It can be difficult to see the total value of your monthly pension when it is compared to a lump sum DC account. The "Pension Value" illustrates how much you would have to save, e.g., in a private savings account or in an employer-sponsored DC plan, to purchase an annuity that would equal your IMRF pension.

Does my statement show my employer contributions?

No. The contribution amount on your statement does not include your employer contributions. What you see is the amount of your earnings and your member contributions reported to IMRF for the previous calendar year by your employer(s).

All the money you contribute to IMRF is used only toward your pension. Other benefits, such as disability and death benefits, are paid from your employer's contributions. In fact, the major portion of your pension actually comes from money put aside by your employer.

You cannot borrow from your contributions or use them as collateral for a loan. Also, they cannot be garnished by any creditor.

If you decide to stop working for your IMRF employer, only your member contributions can be refunded to you.

How is service credit shown if I work for two different IMRF employers?

If you work for two IMRF employers at the same time, you will be reported by both employers for the same month. However, by law, you are eligible for only one month of service. This is called "concurrent service credit."

On your statement, you receive only one month of service credit when you work for two IMRF employers at the same time. However, the salary you earn from both employers is combined for that month. Therefore, if the concurrent service occurs during your "final rate of earnings" period, it can increase the amount of your pension.

Is this really my death benefit amount?

The minimum benefit is a refund of your contributions (not your employer's contributions).

If you have more than one year of service credit or your death is job related, IMRF will pay one year's salary (up to the wage cap for Tier 2 members) plus all your member contributions with interest. If you are vested, your spouse may be eligible for a monthly pension and a lump sum death benefit.

If you wish to change your beneficiary(ies), complete and submit a new "Designation of Beneficiary" Form. The new designation becomes effective when the form is in the IMRF office. You can also submit a new "Designation of Beneficiary" through Member Access.

Why does my statement say I'm not vested, when I am?

The amount of service credit appearing on your member statement refers solely to your IMRF service credit. If all of your service credit is with IMRF, this amount should accurately reflect your IMRF service credit as of December 31 of the previous year. If you became vested after this date, your statement will not reflect your vested status.

If our records indicate that you have service credit with any of the 12 reciprocal retirement systems in Illinois, the name(s) of the system(s) is printed on your statement, and in some cases the service credit you earned with that system will be printed. (Not all reciprocal systems report the amount of service credit to IMRF.)

Such reciprocal service credit can result in larger retirement benefits. If you have service credit with any of the Illinois reciprocal retirement system(s) and its name is not listed, please contact IMRF.