Fundamentals Newsletter

IMRF Service Delivery During COVID-19

IMRF has reacted swiftly and proactively to the COVID-19 pandemic.

Please be assured:

IMRF will continue to deliver all of its critical business processes and services.

IMRF has sufficient resources to meet all benefit payment requirements.

Your online Member Access account is the best way to do business with IMRF at this time. Use Member Access to send a Secure Message, manage your account, or apply for benefits.

For more information on IMRF's service delivery and COVID-19, click here .

Financial Update

IMRF had strong investment returns of 19.57% in 2019, bringing our assets to $44.8 billion. At the end of 2019, IMRF was 91% funded, which makes it by far the best funded statewide public pension in Illinois and puts it among the top in the nation.

Changes in the market in the first quarter of 2020, due to the COVID-19 pandemic, caused IMRF’s investment portfolio to fall 14.0%. However, markets improved during April, when the IMRF portfolio grew 8.3% to $41.7 billion.

To read more and watch the video of IMRF Executive Director Brian Collins discussing the 2019 Investment Returns and Funded Status, click here.

Should I Apply for a Refund of My IMRF Contributions?

As a vested IMRF member, you are eligible for a pension upon retirement. Although you are currently not working for an IMRF employer, you can leave your IMRF contributions on file with IMRF, to remain eligible for your pension.

You are not required to take a separation refund when you leave your IMRF employer.

Think carefully before taking a separation refund.

If you take a refund:

You give up your right to any retirement or disability benefits.

Your beneficiary(ies) will not be entitled to any death benefits.

You lose all of the service credit you have earned.

In almost all cases, vested members stand to gain much more financially from their IMRF pension than from taking a refund of their IMRF contributions, which forfeits the right to an IMRF pension.

For more information on refunds, click here for Tier 1 or click here for Tier 2 .

Refunds Taken for Coronavirus-related Purposes are Exempt from Early Withdrawal Penalty

The Coronavirus Aid, Relief, and Economic Security (CARES) Act makes refunds of IMRF contributions requested for a "coronavirus-related" purpose exempt from the 10% early withdrawal penalty. It also requires IMRF to withhold only 10% of the taxable amount (instead of the usual 20%). You can also choose to have no tax withheld.

There are specific requirements for this type of refund, and not all vested IMRF members qualify. For more information on whether you qualify and how to apply for this type of refund, click here .

Member Access - Did You Know?

You Can Apply for Your Pension Online!

To apply for your pension online, log in to Member Access . After you log in, hover your cursor over the My Account tab in the upper left. Click on "Apply for an IMRF Pension" at the bottom of the right column.

You should apply for your IMRF Pension about one month before you plan to retire.

Applying for a pension will take about 15 minutes. You will need the following information:

Step 1 - Pension Application:

Your last day of work
Reciprocal System and service dates, if applicable
Early Retirement Incentive participation, if eligible

Step 2 - Direct Deposit:

Bank routing and account numbers

Step 3 - Tax Withholding:

Your withholding marital status and number of personal exemptions (optional)

Upon completion of the online pension application, you will be asked to mail, fax, or upload your birth certificate and your marriage certificate or divorce decree, if applicable. You can upload these in Member Access by clicking on the My Account tab and choosing Upload Document from the drop down menu.

If you need to create a Member Access account, click here .

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