Where is IMRF located?
Where is IMRF located?
Contact Us
| Call IMRF Member Services | Member phone number: 1-800-ASK-IMRF (1-800-275-4673) Mon-Fri, 7:30am-5:30pm CST |
|---|---|
| Send a Fax to IMRF | 630-706-4289 |
| Send a Secure Electronic Message | Send a Secure Message |
| Send Mail to IMRF | IMRF 2211 York Road Ste 500 Oak Brook IL 60523-2337 |
How many years do you have to be in IMRF to be vested?
eight years
Most IMRF members participate in IMRF’s Regular plan. A Regular Tier 1 member needs at least eight years to vest (be eligible) to receive an IMRF Regular plan pension. The earliest age a Regular Tier 1 member can receive a pension is age 55 (reduced) and age 60 (full pension).
What does IMRF stand for?
Illinois Municipal Retirement Fund
| Agency overview | |
|---|---|
| Headquarters | Oak Brook, IL |
| Employees | 200 |
| Agency executives | Brian Collins, Executive Director Gwen Henry, 2021 Board of Trustees President |
| Website | www.imrf.org |
Can I take money out of my IMRF?
You are not required to take a refund when you leave your IMRF employer. There is no “deadline” for you to make your decision, but you will not earn any interest on your contributions if you end up taking a refund, no matter how long you have left them with IMRF. Once you reach age 72, you must withdraw them.
Is IMRF an IRA?
Lump sum payments (for example, separation refunds or lump sum death benefits) from IMRF contributions can be rolled over to the Roth IRA. However, for taxes this is a taxable distribution….2020 Roth IRA Contribution Rules.
| For single members | |
|---|---|
| $137,000 or more | You cannot contribute to a Roth IRA |
Who is covered by IMRF?
IMRF is created by state law to administer a retirement, death, and disability benefit plan for employees of local governments in Illinois. About 3,000 employers (school districts, cities, villages, counties, townships, and other local governmental units) and more than 176,000 members are covered by the program.
What is IMRF retirement age?
age 62
Receiving an IMRF Pension Must be at least age 62.
How do I retire with IMRF?
Receiving an IMRF Pension
- Must have at least eight years of service credit (can include reciprocal retirement system service credit).
- Cannot be working in any position which qualifies for IMRF participation.
- Must be at least age 55.
What is the average IMRF pension?
The pension at age 60 and older for Tier 1 members or age 67 and older for Tier 2 members will be in the amount shown at the point where the earnings line and the service column intersect. Example: 25 years of service and final monthly rate of earnings of $1,000 will provide an IMRF pension of $450 per month.
Can you buy years of service in IMRF?
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 accordingly.
What is Illinois retirement age?
Workers who are eligible for Social Security can start payments at age 62, regardless of their full retirement age. However, the benefit reduction for early claiming is bigger for those who have an older retirement age. “If you turn 62 in 2021, your full retirement age is 66 and 10 months.
Is IMRF a 401k?
IMRF is not a plan under sections 401(k), 457, or 403(b), and • Retirement contributions to IMRF are required as a condition of employment. IMRF is a qualified retirement plan under section 401(a) of the Internal Revenue Code, and IMRF member contributions are tax-deferred under section 414(h).
