Get Imrf Form 63a

Your highest average earnings will most likely come later in your IMRF career. If this is the case, the FRE used to calculate your pension will be your highest total earnings during any 48 consecutive months within your last 10 years of IMRF service, divided by 48.

IMRF is a Qualified Plan under Section 401(a) of the Internal Revenue Code. IMRF member contributions are not subject to federal income tax until they are returned to the member or to the member's beneficiary(ies) as a separation refund, pension, or death benefit.

IMRF is a "multi-employer public pension fund" that administers a program of disability, retirement, and death benefits for employees of local government in Illinois (excluding the City of Chicago and Cook County).

For IMRF members, the minimum retirement age is 55. Once you reach age 55, you would report your disability benefit payments as illustrated above. (IMRF disability is a taxable benefit because it is an employer paid benefit and not insurance.)

IMRF's Early Retirement Incentive (ERI) is an employer option that allows eligible members to purchase up to five years of service credit at retirement. For each month and/or year of service credit a member purchases, the member's retirement age is enhanced ingly.

Can I deduct my contributions to a retirement plan? You can generally deduct contributions to a traditional (not Roth) Individual Retirement Arrangement (IRA), 401(k) plan, or similar arrangement, up to an annual limit. That may reduce your income tax for the current year.

600-Hour Standard. A person employed in a position normally requiring performance of duty for 600 hours or more in the next 12 months following the employee's date of hire must participate in IMRF.

IMRF Will Not Reduce Your Social Security With the exception of a small number of people, IMRF members participate in Social Security in addition to IMRF, and you are entitled to full retirement benefits from each.