Section 6 - IMRF

Illinois Municipal Retirement Fund Member Accounts / Past Service / Employer Resolutions / SECTION 6
6.20 To Update an Account
6.20 A. Member Employment Information (Form 6.19, Exhibit 6P)
Employers must provide missing or corrected information regarding a member’s employment information through
Employer Access.
Employers would also submit information regarding a member’s position(s), such as a change of plan (plan refers
to Regular, SLEP or ECO) through Employer Access.
Some examples of these changes are:
When a member’s position changes from Regular qualified to SLEP qualified.
To add a plan for a member who currently participates in the Regular plan and begins working in a SLEP
qualified position.
To add a plan for a member who currently participates in SLEP and begins working in a Regular qualified
position.
To delete a plan for a member who held qualifying positions under both plans but will now hold one position
only.
To change a member’s participation date.
To change a member’s employment date.
6.20 B. Member Information Change (Form 6.20, Exhibit 6Q)
Employers with Internet access must submit member information changes via Employer Access. For details, refer
to Paragraph 2.90 Secure Employer Access Area of www.imrf.org
If your employer does not have Internet access, complete Form 6.20, “Member Information Change.” This form
should be used for identification changes only, such as changes in name, address, birth date, sex, and Social
Security number. Do not use this form for enrollment.
6.20 C. Election to Make/Change Voluntary Additional Contributions (Form 6.30, Exhibit 6X)
IMRF members have the option of making after-tax voluntary additional contributions to provide a supplemental
retirement benefit in addition to the usual IMRF retirement pension. At retirement, the voluntary additional
contributions may be taken as a lump sum or, provided the member’s account balance is $4500 or more, as an
additional monthly pension.
These after-tax voluntary additional contributions are limited to 10% of IMRF reportable earnings and are not
matched by the employer. The additional retirement benefit is based solely upon the accumulated voluntary
contributions plus interest.
Voluntary additional contributions are after tax—they are not tax-deferred like usual IMRF member contributions.
Some members may be better served by contributing a portion of their salary on a pre-tax (tax-deferred) basis to
their employer’s deferred compensation plan, e.g., 457 or 403(b).
The rate of interest paid is currently 7-1/2%. This interest rate can change at any time in the future. The procedures
for crediting interest are established by state law. Voluntary additional contributions interest is credited differently
from a traditional savings account. A traditional savings account credits interest on the current amount in the
account.
IMRF credits interest at the end of the year on the beginning of the year balance. Therefore, a member will not
earn any interest the first year he or she begins making voluntary additional contributions. If a member begins
making voluntary additional contributions in June 2011, the interest would not be credited until December 2012.
January 2014 Page 235