OAK BROOK, Ill. – The Illinois Municipal Retirement Fund (IMRF), the state’s best-funded and second-largest statewide public pension plan, is celebrating National Retirement Security Week, October 20 – 26, 2019.
The theme this year, for all of the pet lovers out there, is: Do something “pawsitive” to make sure you are on track for a secure retirement. Observed annually during the third full week of October, this initiative was originally launched in 2006 as “National Save for Retirement Week.” This 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).
Live Comfortably in Retirement
U.S. Census Bureau data reveals that 57 percent of working age individuals do not own any retirement account assets such as an employer-sponsored 457(b) or 403(b) type plan, an individual account, or a pension. A new research report finds that 76 percent of Americans are concerned about their ability to achieve a secure retirement, according to the National Institute on Retirement Security (NIRS).
“Most working Americans will struggle to maintain their standard of living in retirement,” said Brian Collins, IMRF Executive Director. “IMRF offers its members an excellent opportunity to build additional savings to supplement their pensions and live comfortably in retirement.”
Doing something positive today will help to secure tomorrow’s future. For IMRF members, one positive step to consider is IMRF's Voluntary Additional Contribution (VAC) option, a savings vehicle unique to IMRF that can help you build additional resources for retirement. VAC lets you save between 1% and 10% of your reported earnings in an account that currently earns 7.25% interest.
The consistently high interest rate and compounding interest make IMRF's Voluntary Additional Contribution a powerful tool in building financial security for retirement," said Collins
For more information on VAC, follow these links:
Another good savings option to consider is a 403(b) or 457 plan offered by your employer. Both the 403(b) and the 457 plan offer employees an opportunity to accumulate tax-deferred savings for retirement.
IMRF Can Help You Plan
The IMRF website features a number of helpful online planning tools including a calculator with unlimited input options to help create customized pension estimates. To access the calculator and other helpful online planning tools, login in to your Member Access account. To set up an online Member Access account, simply go to www.imrf.org and follow the prompts.
IMRF also offers Pre-retirement Workshops to help those approaching retirement age with their planning. If you’ve already been to a workshop and want some additional assistance, we offer Personal Benefits Reviews throughout the year, in person or by phone. In addition, Financial Literacy Workshops are available to retirees statewide.
For more information on VAC, the pension calculator, setting up an online Member Access account, registering for a workshop or any of our other services, visit www.imrf.org or call 1-800-ASK-IMRF to speak to a Member Services Representative. For 403(b) or 457 plan information, speak with your employer’s Authorized Agent. Find more National Retirement Security Week resources by following this link.
