Requirement to pay IMRF via govONE Electronic Funds Transfer
June 23, 2004
If you are not the individual responsible for making payments to IMRF, please forward this memo to the appropriate individual.
At the May 2004 Board of Trustee’s meeting, the IMRF Board adopted a resolution (2004-05-10) requiring employer payments to be made via govONE Electronic Funds Transfer (EFT) effective October 1, 2004.
After September 30, 2004, if payment is NOT made via govONE phone or online EFT system, the employer will be subject to a $25 processing fee.
Employers have been able to submit payments via govONE phone EFT since July 2002 and govONE pay online EFT since August 2003. IMRF has received positive reactions from employers who use govONE EFT systems. Approximately 1,800 employers have enrolled in govONE EFT.
Many advantages to EFT
When an employer pays via paper check, ACH or wire transfer, we cannot automatically load that payment information directly into our computer systems. Data entry operators must key that information into our computer system. This manual process increases the chances of error.
In addition, when an employer mails a check to IMRF, there is the possibility of it being lost or delayed in the mail. If an employer pays IMRF using ACH or wire transfer, there is a cost to the employer for those services.
When an employer makes a payment to IMRF using EFT, manual processing is eliminated. IMRF can download the payment information directly into our computer systems, avoiding the possibility of data entry errors.
EFT also provides advantages to employers: a payment is initiated only after the completed call or successful online payment process. This offers both timeliness and full cash flow control. Moreover, govONE’s technology provides employers with secure payment transactions. Payments made on the IMRF govONE system are secure and can be sent only to IMRF. The govONE EFT payments are also free to the employer. (Employers should contact their bank to learn whether the bank will charge any non-ACH fee for using EFT.)
Proven track record
GovONE has a proven track record of providing secure, reliable, and cost-effective payment solutions for government agencies and other public pension systems.
- The Pay-by-Phone system is available seven days a week, 24 hours a day. Calls must be completed by 2:30 P.M. Central Time on a business banking day for your payment to be effective the next business day.
- The new Pay Online system is a fully integrated, electronic payment solution available online 22 hours a day (with a nightly maintenance window), seven days a week. Web visits must be completed by 2:30 P.M. Central Time on a business banking day for your payment to be effective the next business day.
All IMRF payment types are accepted by either EFT system.
If you are not enrolled in govONE EFT
To enroll in govONE EFT, complete and submit the enclosed IMRF Form 3.00, “Electronic Funds Transfer (EFT) Enrollment”, using the Electronic Funds Transfer (EFT) Enrollment Instructions.
If you use multiple bank accounts to make payments to IMRF, you will need to complete a separate enrollment form for each bank account. You may obtain additional copies of the enrollment form from the forms area of the IMRF website, www.imrf.org.
Once your account is ready for use, a confirmation letter will be mailed to you. The information will include your EFT number (assigned by IMRF), your generic PIN code, an introduction to the IMRF EFT Payment Systems, Pay Online instructions, and Pay-by-Phone instructions.
Please direct questions concerning your enrollment to an IMRF Member Service Representative at 1-800-ASK-IMRF (1-800-275-4673). EFT information is also available at IMRF Online (www.imrf.org).