Preliminary Notice of IMRF Contribution Rate for Calendar Year 2015
April 2, 2014
We encourage each Authorized Agent to share this memorandum with your unit of government’s chief financial officer, other officials, and governing body members.
Your employer’s “Preliminary Notice of Illinois Municipal Retirement Fund Contribution Rate for Calendar Year 2015” is available in your Employer Document Archive in your Employer Access account under the EFINANCE category. The notice shows the Actuarial Required Contribution (ARC) rate for 2015 for each of your employer’s IMRF plans. Your employer’s ARC rate was calculated by IMRF’s actuaries. It reflects the amortization of the employer’s actuarial accrued unfunded liability (“Funding Adjustment”) over 28 years for employers who can levy property taxes and over 8 years for employers who cannot. The impact of the employer’s Tier 2 members is reflected in its 2015 ARC rate.
Lump sum payments
In addition to paying normal contributions through the monthly wage reporting process, employers can make lump sum contributions to reduce their unfunded liability. While these contributions can be made at any time throughout the year, from the employer’s perspective it is most advantageous to make such payments in December since IMRF grants interest on beginning of the calendar year balances. Any employers thinking of making additional payments may want to contact IMRF staff before doing so. See Exhibit 1 of this memorandum for detailed instructions on how to make additional contributions using IMRF’s Electronic Funds Transfer (EFT) system.
Questions?
If you have any questions regarding the information presented in this memorandum, please call or e-mail IMRF Financial Relations Manager Audrey Brown-Ryce at (630) 706-4246 or arbrown-ryce@imrf.org, IMRF Employer Account Analyst Corey Lockwood at (630) 706-4226 or coreylockwood@imrf.org, or IMRF Chief Financial Officer Mark Nannini at (630) 368-5345 or mnannini@imrf.org.