Welcome to
Employer Digest
, your monthly source for IMRF news and
information to help you stay connected with IMRF.
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COVID-19 Coronavirus News
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Following the State of Illinois’ transition to “Phase 3” of its Coronavirus Response Plan, IMRF began its first step for a gradual return of staff to our offices on June 1, 2020.
- Our phone line for employers remains closed. With limited staff onsite, you must contact us either through Employer Access, by emailing your Field Representative, or by faxing us at 630-706-4289.
- Our offices are closed to the public. At this time, you cannot come to our offices in person for any reason.
- Our call center is open for members, but hold times will be long. Our 1-800-ASK-IMRF member phone number reopened on June 1. However, hold times will be long.
- Mail processing will be slower than usual. We are processing and responding to paper-based correspondence. If you mail us any documents during this period, you will experience delays, due to limited staff onsite.
IMRF remains committed to providing you essential services during this challenging time. For more information,
see
IMRF’s Coronavirus
page.
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May 2020 Board Meeting Highlights
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On Friday, May 29, 2020, the IMRF Board of Trustees:
- Received an update on IMRF's 2019 actuarial valuation.
- Approved plans for the 2020 elections (see below).
- Passed Board Resolutions relating to separation of service requirements, accelerated payments, and definition of earnings.
- Learned about activities undertaken during the first quarter in support of the 2020-2022 Strategic Plan.
Trustees Approve Plans for 2020 Elections
The Board approved IMRF’s plan for conducting Trustee elections later this year:
- IMRF employers will elect one Executive Trustee
- IMRF active members will elect two Employee Trustees
- IMRF retirees will elect one Annuitant Trustee
These are all for five-year terms that begin on January 1, 2021. The terms of Employee Trustees Alex Wallace, Jr., and Trudy Williams; Annuitant Trustee William Stafford; and Executive Trustee Gwen Henry all expire at the end of 2020. IMRF’s website will be updated with the detailed election procedures on June 30.
The next meeting of the full IMRF Board of Trustees will be held Thursday, July 30. You can view the 2020 Board of Trustees meeting calendar
here.
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New Separation of Service Rules
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To comply with the Pension Code and IRS regulations, the IMRF Board has adopted new separation of service rules.
New Rules Effective January 1, 2021
These new rules will apply to members with retirement dates on or after January 1, 2021:
- To be eligible to start an IMRF pension, at the time of retirement a retiree cannot be working in any capacity for any IMRF employer. This includes temporary or part-time work (regardless of the number of hours worked) as well as working as an independent contractor or leased employee. One exception exists for retirees who are elected or appointed to an elected position, as long as no part of their pension is based on service from that elected office.
- Before retirement and within 60 days after, no pre-arrangement (even an informal one) can be made between a retiring member and an IMRF employer that the member will return to work. This includes temporary and part-time work (regardless of the number of hours worked) as well as working as an independent contractor or leased employee. If a pre-arrangement is made prior to or within 60 days after retirement, the retiree is not eligible to receive an IMRF pension.
- A new retiree cannot work for any IMRF employer for at least 60 days. After 60 days from the pension start date, a retiree may return to work for an IMRF employer, as long as there was no pre-arranged agreement made before retirement. If a retiree returns to work, the usual return to work rules will apply.
Consequences of Not Separating from Service
IMRF will immediately suspend the pension of any IMRF retiree who performs any type or amount of work for any IMRF employer within 60 days of their pension start date, or who prearranges returning to employment with an IMRF employer after retirement.
Retirees who violate this policy must pay back all pension payments that they have received, because they did not truly separate from service.
For More Information
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Employer Rate Webinar Recording Available
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IMRF's
2020 Employer Rate Webinar, recorded Tuesday, May 12, is now available to listen to any time on IMRF's website. During the webinar, Executive Director Brian Collins and Chief Financial Officer Mark Nannini shared:
- The impact of year-end financial and actuarial data on IMRF
- The data's estimated impact on individual employers
Webinar Page Includes Questions, Answers, and Comments
During the presentation, attendees were invited to submit real-time questions, which were addressed before the conclusion of the program. This
Employer Rate webinar page includes:
- A link to view the webinar program in its entirety
- A link to download the presentation's slides
- Attendee comments
- A transcript of the questions posed during the program, with detailed answers
Share the Webinar with Others
We encourage you to share the webinar with your employer's financial officers, governing body members, and other interested parties.
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The original GASB 68 report for active and inactive members that was uploaded to Employer Access contains an error in the Attained Age column.
A corrected version called “GASB68 - Corrected GASB 68” was placed in Employer Access on May 21.
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2019 Annual Financial Report
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IMRF's
2019 Comprehensive Annual Financial Report (CAFR) and associated documents are available on IMRF's website.
View the 2019 CAFR here.
Additional Documents also Available
Additionally, the following documents are now available in the "Display Annual Documents" section of
Employer Access:
- 2019 Schedule of Changes in Fiduciary Net Position by Employer
- 2019 Reconciliation Adjustments Schedule
- 2019 IMRF Census Data Attestation Report
Questions?
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2020 13th Payment Scheduled for July 8
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Each July, IMRF retirees receive a supplemental benefit payment, commonly known as the "13th Payment." The 13th Payment is paid entirely by employer contributions. Each employer contributes 0.62% of its IMRF member payroll to pay for this benefit.
Amount of the 2020 13th Payment
This year, eligible retirees will receive their 13th Payment on July 8, 2020. The amount will be 26.085% of their June benefit payment.
For More Information
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2211 N. York Rd., Ste. 500
Oak Brook, IL 60523-2337 (Main Office)
3000 Professional Dr., Ste. 101, Springfield, IL 62703
Member-only Phone: 1-800-ASK-IMRF (275-4673)
Employer-only Phone: 1-800-728-7971
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