Section 6 - IMRF

More documents

Recommendations

Info

EXPLANATION AND INCOME TAX INFORMATION Exhibit 6X - Page 2 of 2 NOTE: Effective February 1, 2014, if a member continues working for his or her IMRF employer and wishes to take a refund of VAC, only the VAC, without the interest, can be withdrawn. The interest must stay on deposit until the member stops working for his or her IMRF employer. The interest will continue to earn interest until the member withdraws it after terminating employment. At retirement, a member may annuitize his or her VAC if the account balance is $4,500 or more. 1. IMRF VOLUNTARY ADDITIONAL CONTRIBUTIONS IMRF members may have their employer deduct up to 10% from each payment of their IMRF reportable earnings and remit these deductions to IMRF as voluntary additional contributions (VAC). Additional contributions begin as soon as IMRF receives your application and your employer begins reporting your VAC to IMRF. 2. APPLICATION OF VOLUNTARY CONTRIBUTIONS VAC may be applied as follows: A. If upon termination of participation regular member IMRF contributions are withdrawn, then VAC must also be withdrawn. B. If upon termination of participation before retirement regular member IMRF contributions are left on deposit, the VAC may be left on deposit or withdrawn in a lump sum. C. Upon retirement, VAC with interest may be applied to monthly annuity for life or withdrawn in a lump sum. D. The member may stop making VAC at any time. The accumulated contributions with interest may be left on deposit or withdrawn in a lump sum. Partial lump sum withdrawals are not allowed. E. Upon death, the accumulated VAC with interest are paid to the member’s beneficiary(ies). 3. INTEREST CREDITING ON VOLUNTARY ADDITIONAL CONTRIBUTIONS VAC are deposited in a separate account for each member. These accounts are not matched by the employer. Interest is credited to each account at the end of the year upon the opening balance at the beginning of the year. The rate of interest is currently 7-1/2%, the amount determined as the long term rate for actuarial purposes. The interest rate is set by the IMRF Board of Trustees and can be changed at any time. The procedures for crediting interest are established by state law. 4. TAX TREATMENT AND LIMITATIONS The interest on accumulated contributions is subject to income tax in the year it is withdrawn unless rolled over into an eligible retirement plan. If the member is less than age 59-1/2 (age 55 if terminating employment with the IMRF employer) and is not totally and permanently disabled, the withdrawn interest is also subject to income tax penalties unless rolled over into an eligible retirement plan. 5. WITHDRAWALS If a member who is currently making VAC applies to withdraw those contributions, all VAC, plus interest if any, accumulated up to December 31 of the previous year will be refunded. Current year contributions may not be withdrawn by a member who will continue to make VAC. A member who is no longer making VAC and who applies to withdraw those contributions will be paid all VAC on deposit, plus interest if any. Partial withdrawals of VAC are not allowed. If the accumulated interest is not directly rolled into an IRA or other qualified retirement plan, IMRF is required by federal law to make a tax withholding of 20% of the interest. Illinois Municipal Retirement Fund 2211 York Road Suite 500 Oak Brook Illinois 60523-2337 Member Services Representatives 1-800-ASK-IMRF (1-800-275-4673) Fax (630) 706-4289 www.imrf.org IMRF Form 6.30 (Rev. 11/2013)
IMRF BENEFIT PROTECTION LEAVE IMRF Form 6.32 (Rev. 02/2013) 1. In order to apply for leave service, you must still be employed in an IMRF-covered position. 2. You are allowed to establish a maximum of 12 months of Benefit Protection Leave over your entire IMRF career. If this completed form is on file with IMRF, you will maintain eligibility for disability or death benefits if you meet the following requirements: A. Disability benefits are payable if the disability occurs during the leave period and if: 1. Member Information Enter the requested information, including a daytime telephone number. Requirements for IMRF Benefit Protection Leave (1) You have at least one year of contributing service other than the leave, have continuous service (including the Benefit Protection Leave) of one year prior to the date of disability, and this form has been filed prior to the date of disability; or (2) You have at least five years of service credit (which may include noncontributing prior service credit), the last year of which immediately precedes the leave, and this form has been filed prior to the date of disability; or (3) You qualify under clauses (1) or (2) above but you: Maintaining Eligibility for IMRF Benefits a. had an interruption in service of less than three months with the same employer in the 12 months preceding the date of disability and were not paid a separation benefit; Instructions for Completing this Form 3. To qualify, the unit of government with which you were employed during the leave period, must certify the Benefit Protection Leave. or Exhibit 6Y - Page 1 of 3 Avoid delays—read all instructions before completing this form. b. had any interruption in service after 20 or more years of creditable service but were not paid a separation benefit and returned to service prior to the date of disability. Note: In order to receive disability benefit payments, you will have to pay for the Benefit Protection Leave Service. B. Death benefits are payable if death occurs during the Benefit Protection Leave period only if you have at least one year of creditable service in addition to the service granted for the leave. Your cost of the leave up to the date of death will be deducted from the IMRF death benefit. C. Retirement service credit for the period of absence (not to exceed 12 months) is granted only after you pay the IMRF contributions plus interest. Remember, you must still meet the IMRF vesting requirement to qualify for a pension. 4. Certification by Authorized Agent Your employer’s IMRF Authorized Agent enters the requested information. 2. Certification by Member Enter the dates of the leave and number of months of leave. Sign and date where indicated. If the end date is not known, refer to the “Leave of Absence with Future End Date” section on page 2. 3. Enter the name and ID number of the employer at the time of the leave. 5. Certification by Clerk or Secretary of Governing Body Clerk or secretary of your employer’s governing body must certify the Benefit Protection Leave. Note: This application will NOT be processed if you submit it without the Authorized Agent and governing body certification. IMRF Form 6.32 (Rev. 02/2013) Illinois Municipal Retirement Fund 2211 York Road Suite 500 Oak Brook, IL 60523-2337 Member Services Representatives 1-800-ASK IMRF (1-800-275-4673) Fax: (630) 706-4289 www.imrf.org Page 1 of 3
Page 1 and 2:
Illinois Municipal Retirement Fund
Page 3 and 4:
Page 5 and 6:
Page 7 and 8:
Page 9 and 10:
Page 11 and 12:
Page 13 and 14:
Page 15 and 16:
Page 17 and 18:
Page 19 and 20:
Page 21 and 22:
Page 23 and 24:
Page 25 and 26:
Page 27 and 28:
Page 29 and 30:
Page 31 and 32:
Page 33 and 34:
Page 35 and 36:
Page 37 and 38:
Page 39 and 40:
Page 41 and 42:
Page 44 and 45:
This page intentionally left blank.
Page 46 and 47:
Page 48 and 49:
Page 50 and 51: Request For Rollover Approval for P
Page 52 and 53: Application for Military Service Cr
Page 54 and 55: IMRF will mail you a Past Service P
Page 56 and 57: This page intentionally left blank.
Page 58 and 59: Exhibit 6G - Page 2 of 3 “Instruc
Page 64 and 65: 3. Authorized Agent Certification S
Page 68 and 69: “How to pay...” continued from
Page 72 and 73: 1. Member Cost Mem bers whose emplo
Page 78 and 79: X NOTICE OF ENROLLMENT IN IMRF IMRF
Page 80 and 81: Exhibit 6O Page 2 of 4 If you are n
Page 82 and 83: Exhibit 6O Conditions of IMRF Desig
Page 84 and 85: • “PLAN” refers to either Reg
Page 90 and 91: Instructions EXHIBIT 6S Page 1 of 2
Page 102 and 103: How do you pay for the Leave Exhibi
Page 106 and 107: OUT-OF-STATE SERVICE CREDIT AUTHORI
Page 118 and 119: A RESOLUTION RELATING TO PARTICIPAT
Page 128 and 129: Limitation on Frequency • Employe
Page 146 and 147: “How to pay...” continued from
Page 150 and 151:
Page 152 and 153:
Page 154 and 155:
Page 156 and 157:
Page 158:
show all

Section 6 - IMRF

Create successful ePaper yourself

Delete template?

Save as template?