New Payment Type Code for Accelerated Payment Invoices: 025
June 29, 2012
Under Public Act 97-0609, employers are required to immediately pay that portion of the present value of a pension resulting from excess end-of-career salary spikes. Known as an “Accelerated Payment,” this employer payment is not a penalty, but an accelerated—or up front—payment of part of the employer’s total cost.
IMRF has started issuing Accelerated Payment (AP) invoices, which will cover retirements effective February 1, 2012, and later.
New AP payment code 025
Employers make payments to IMRF by Electronic Funds Transfer either online or by phone, via third-party vendor First Data Government Solutions.
When an employer submits a payment to IMRF via First Data, the employer provides a “payment type code,” e.g., 012 Regular Contribution, or 024 Additional Funding of Your Pension Obligation.
A new payment type code has been created for Accelerated Payments: payment type code 025.
When making payment for an Accelerated Payment invoice via First Data, please use payment type code 025.
Questions?
If you are having difficulty using the First Data Government Solutions web site, call First Data Government Solutions at 1-800-662-6311.
If you have a question about wage reporting, employer payments, or any other IMRF-related question, please call an IMRF Member Services Representative at 1-800-ASK-IMRF (1-800-275-4673) 7:30 a.m. to 5:30 p.m., Monday through Friday or send IMRF a Secure Electronic Message.