You contribute 7.5% of your salary toward your future IMRF pension:
- 6.75% for your ECO pension
- 0.75% for a surviving spouse pension
If you do not have an eligible surviving spouse when you retire, you can take your surviving spouse contributions as a lump sum refund or you can convert them into a separate lifelong pension payment.
What You Get By Contributing to IMRF
Once you are eligible for an IMRF pension you are guaranteed your pension for life. When you start receiving your IMRF pension, you will likely receive the total amount of your contributions back within the first few years of your retirement. The remaining lifelong pension payments you receive will be paid by your employer's contributions and investment earnings. This is why your IMRF pension is such a valuable benefit.
IMRF also provides important disability and death benefits.
You Never Lose Your Contributions
You are guaranteed a return of your IMRF contributions, paid as either:
- Your IMRF pension
- A refund
- Death benefits
Participating in the Original ECO plan
The ECO plan in an alternative plan for elected county officials. Your county must have adopted the plan in order for you to participate. The ECO plan is now closed to new participants. As an Original ECO plan member, you will remain in ECO as long as you work in any position that qualifies for IMRF participation and you choose to remain in the ECO plan.
You Cannot Borrow from Your IMRF Contributions
You cannot borrow from your contributions or use them as collateral for a loan. As long as your contributions are on deposit with IMRF, they cannot be garnished or seized by any creditor.
Contributions are Tax-Deferred
You do not pay federal or Illinois income tax on the money used to make your contributions.