Your employer's 2023 Final Rate Notice will be available in Employer Access Monday, November 21, following the IMRF Board of Trustees meeting on November 18. You will be able to access the document from the "Display Annual Documents" link under the "Documents" section of your Employer Access account.

The Final Rate Notice provides your employer's 2023 Annual Contribution Rate for each of its IMRF plans. If you have questions about your employer's rate notice, contact IMRF at 1-800-728-7971 (employer-only number).

The Tier 2 member wage cap for 2023 is $123,489. Employers must report member earnings over $123,489, but should not withhold any IMRF contributions for wages above this cap.

The wage cap period is based on the calendar year, regardless of your employer's fiscal year. If a member reaches the 2023 wage cap, the employer must:

1. Stop withholding member contributions from the member's paycheck.
2. Keep reporting the member's wages to IMRF.

It is important for employers to keep reporting a member's wages to IMRF, even in excess of the Tier 2 wage cap, so that the member continues to earn service credit.

2022 reminder 

Remember, the 2022 Tier 2 wage cap is $119,892.41. Please be mindful of this wage cap during November and December payroll to ensure your employer follows the required steps for withholding member contributions and reporting wages above this amount.

Questions?

Please contact IMRF at 1-800-728-7971 if you have any questions about the Tier 2 wage cap or need to discuss any complex circumstances.

The 2023 Mark Your Calendar is now available. Please refer to it when you add or change a retired IMRF member’s health insurance deduction. Be sure to notify IMRF prior to the submission deadlines listed in the calendar.

How does it work?

If you are unable to submit this information by the payment’s submission deadline, we cannot deduct the correct amount from the member’s benefit payment.

For example, we must receive deduction information for the February 1, 2023, benefit payment no later than January 17, 2023.

In 2021, IMRF’s investment assets grew at a historic rate. At the end of the fiscal year, IMRF had $57.3 billion in investment assets and was 98.6% funded, which is a significantly better funding level than the vast majority of pension plans in the US.

In 2022, IMRF’s investment assets were down through August 31, due to several global challenges, such as rising interest rates, growing inflation, and the war in Ukraine. However, as a long-term investor, IMRF has had consistent, steady growth in assets across the past ten years and is weathering the 2022 market downturn.

Be assured, whatever happens in the market will not affect our members' current or future pensions. IMRF will never miss a pension payment!

For more information

Click here for the most current and archived annual financial reports.