Employer Digest

Thursday, November 9, 2023

Welcome to Employer Digest, your monthly source for IMRF news and

information to help you stay connected with IMRF.

Remember to Vote for Executive Trustee

Ballots are Due by December 8th

IMRF employers will elect one Executive Trustee for a five-year term of office, which will run from January 1, 2024 through December 31, 2028.

Candidates for the Executive Trustee position are Jack Bower, Executive Director of the Broadview Public Library, and current Trustee Sue Stanish, Director of Finance for the Naperville Park District

Learn more about the candidates here.

Distributing ballots and voting

Ballots have been mailed to all IMRF employers. Follow the instructions in the mailing to cast your vote. Completed ballots must be received by 4:30 PM CST on Friday, December 8, 2023.

Announcing results

Election results will be certified at the Board of Trustees meeting on December 15, 2023, and IMRF will announce the results on its website.

Your employer's 2024 Final Rate Notice will be available in Employer Access the week of November 20, following the IMRF Board of Trustees meeting on November 17. 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 2024 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).

Tier 2 Wage Cap Increase for 2024

The Tier 2 member wage cap for 2024 is $125,773.73. Employers must report member earnings over $125,773.73, 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 2024 wage cap, the employer must:

Stop withholding member contributions from the member's paycheck.
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.

2023 Reminder

Remember, the 2023 Tier 2 wage cap is $123,489.19. 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.

2024 Submission Deadlines for Benefit Payments

The 2024 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, 2024, benefit payment no later than January 17, 2024.

If you have any questions, please call 1-800-728-7971. Thank you!

Visit IMRF's website

Employer Access

Employer Digest Archive

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2211 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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