First Pension Payment

When Will I Get My First Payment?

In most cases, you will get your first pension payment about eight weeks after your pension effective date. Your pension effective date is the first day of the month after you stop working for your employer. For example, if your last day of work is September 15:

• You received service credit for the month of September
• Your pension effective date is October 1

How Much Will My First Payment Be?

IMRF wants to start your pension payments as soon as possible, so your first few pension payments will be estimated amounts until we receive your final wage information from your employer.

This estimated amount:

• Uses the current wage and service credit information we have at the time of your retirement
• Is based upon IMRF’s Standard pension payment option.

You are always eligible for the Standard pension option. If you are eligible for any additional pension payment or retirement refund options (in addition to the Standard pension option):

• You will receive a Preliminary Benefit Statement - Pension after your claim is approved.
• You will select your final payment choice(s) and return your Option Election Form - Pension to IMRF

How can I view the amount of my pension payments?

You can access up-to-date information about your monthly deposits through your Member Access account.

To view the amount of your direct deposit, first click here to sign into your account. There you can view your past IMRF pension payments by month and year.

If you don't yet have a Member Access account, click here to create your account today.

Retirement Refund Options

Voluntary Additional Contributions

If you participate in the Voluntary Additional Contribution (VAC) program and leave your VAC on deposit with IMRF until retirement, you may choose to receive your VAC as either:

• A lump sum of your VAC balance. Your VAC balance includes any interest earned.
• A monthly annuity if your VAC balance is $4,500 or more.
• Every January, you will receive a 3% increase on your VAC annuity.
• This increase is calculated on the original annuity amount.
• Employers do not contribute to this annuity.

Surviving Spouse Contributions

If you do not have an eligible spouse when you retire (married or in a civil union for at least one year before you stopped participating in IMRF, and still married to this spouse on your pension effective date), IMRF will refund your surviving spouse contributions, with interest. You can either:

• Choose a one-time lump sum payment
• Choose a lifetime monthly annuity, if the lump sum converted to an annuity would equal at least $10.00 a month

SLEP or ECO Service Contributions

If you have SLEP and/or ECO service credit but do not qualify for a pension under one or both of these plans at retirement, these contributions will be refunded to you with interest. You can either:

• Choose a one-time lump sum payment
• Choose a lifetime monthly annuity, if the lump sum converted to an annuity would equal at least $10.00 a month

Additional Information About Converting Lump Sum Refunds into Annuities:

• Each additional annuity will be paid for your lifetime.
• Retirement refund annuities do not have a supplemental benefit ("13th Payment").
• The original lump sum amount is the guaranteed minimum payout. There is no maximum payout.
• If you die before receiving annuity payments that equal your contributions, the balance will be paid to your beneficiary(ies).
• If you have a surviving spouse and SLEP and/or ECO contribution refunds, you must choose either a lump sum or annuity for both. You cannot convert one refund to an annuity but not the other. 
• You must convert the entire amount of your refund.
• If you terminated participation before August 14, 1998, and do not have reciprocal credit after this date, you cannot convert your lump sum to an annuity.