Once again, the Illinois Municipal Retirement Fund (IMRF), the state’s second-largest and best-funded statewide public pension plan, is joining the charge to encourage Illinoisans of all ages to prepare for the future during National Retirement Security Week, October 15-21, 2017.
This year’s theme, Your Whole Story, focuses on increasing awareness across generations, because personal savings numbers are low, nationwide. Nearly half of working American households have no retirement savings, and the median retirement account balance is only $2,500 for all working-age households, according to the National Institute on Retirement Security (NIRS). Even as the baby-boom generation approaches retirement, participation in pension plans has declined since the recession.
Observed annually during the third week of October, this initiative originally launched in 2006 as "National Save for Retirement Week." This seven-day period "provides an opportunity for employees to reflect on their personal retirement goals and determine if they are on target to reach those goals," according to the International City/County Management Association (ICMA).
IMRF wants to remind active members and other working adults in Illinois that saving a little money now, really pays off. "Even workers who are guaranteed to receive pensions should remember that most payments are only percentages of what they currently earn," says IMRF Executive Director Louis W. Kosiba. "For example, if you earn $3,000 monthly now, and your pension percentage is 66 percent, your new household income will be reduced to $1,980. That difference could literally change the way you live. For many retirees, that differential represents mortgage or rent payments, auto loan payments, spending money for vacations, and most importantly, household necessities."
Independently managed and run, IMRF closed 2016 with $36.4 billion in assets, placing it in the fifth percentile of plans, in terms of holdings, nationwide. As a long-term, prudent investor with a diversified portfolio, IMRF serves more than 410,000 active members and retirees.
IMRF is dedicated to guiding employees, employer partners, and retirees through the retirement process and the changes that come with moving to a post-employment way of life. Our teams assist members with pre-retirement information through Personal Benefits Reviews and workshops throughout the year. Member Services partners with professionals to offer annual financial literacy workshops to retirees statewide. The IMRF website also features digital account access and online calculators with unlimited input options to help create customized pension estimates.
For more NRSW resources, follow this link. For more information about our services, and for interviews with Kosiba about the importance of pensions and retirement savings, contact Nisa Neely at nneely@imrf.org or 630-706-4511.
