Welcome to Employer Digest, your monthly source for IMRF news and
information to help you stay connected with IMRF.
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Important IMRF Documents Available in 2021 |
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In 2021, IMRF employers will receive six key documents with information necessary for financial planning, accounting, and reporting purposes. The documents will be located in Employer Access.
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The Employer Reserve Account Statement (to release February 2021) provides accounting of your employer's IMRF assets for 2020. It reports the opening balance on January 1, 2020, the closing balance on December 31, 2020, investment earnings, interest charges, charges for employee retirements, and credits for contributions made to IMRF.
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Employer Copy Member Statements (to release February 2021) are for your employer's records and provide summaries of your IMRF members' accounts for 2020. They include a breakdown of service credit (including the type of service), contributions, and wages for each month.
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The Preliminary Rate Notice (to release April 2021) provides your employer's estimated contribution rate for 2022.
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Both the GASB 50 and GASB 68 statements (to release April 2021) provide the funded status of your IMRF plan(s) as of December 31, 2020. One or both of these statements are needed to complete your employer's financial statements.
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The Final Rate Notice (to release November 2021) provides your employer's actual contribution rate for 2022.
We will notify you when documents are available
IMRF will notify employers through secure messages and Employer Digest when documents become available. If you have questions about the document schedule, call IMRF's exclusive, employer-only phone number, 1-800-728-7971.
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2020 Executive Trustee Election Results |
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At the upcoming December 18, 2020, meeting, the IMRF Board of Trustees will certify the results of the 2020 Board elections. Please check www.imrf.org for election results.
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November Board Meeting Highlights |
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On Friday, November 13, 2020, the IMRF Board of Trustees:
- Approved the 2021 IMRF employer contribution rates and the 2021 IMRF Budget
- Shared findings from the actuarial consultant review of IMRF's funding policy
- Passed three Board Resolutions relating to refunds and prior service credit (details below)
- Approved the participation of two new units of government
For more information
The next regularly scheduled Board meeting will be held Friday, December 18, at 9 AM.
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The IMRF Board of Trustees passed three Board Resolutions at their meeting on November 13, 2020:
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Board Resolution 2020-11-12(a) defines the time period for which a benefit election may be changed and provides certain exceptions to the benefit election rule. The new resolution adds the ability to take a refund of annuitized voluntary additional contributions, even if the retiree has received three or more periodic payments.
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Board Resolution 2020-11-12(b) provides rules for the participation of governing body officials and other elected officials. The new resolution removes the information about how elected officials can obtain prior service with a newly participating IMRF employer.
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Board Resolution 2020-11-12(c) updates and simplifies the process for elected officials to obtain prior service credit for prior service with a newly participating IMRF employer.
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January Closing Date for 2020 Payroll |
Your employer's December 2020 wage report is due no later than Friday, January 22, 2021. You must submit your employer's final 2020 wage report and any adjustments by this date for IMRF to include the information in your employer's 2020 Member Statements of Account and 2020 GASB statements. These documents are available in early 2021. You should also resolve any outstanding pending wages by January 22.
Late reports and adjustments could make 2020 documents inaccurate
Wage reports and adjustments received after January 22, 2021, may not appear until your employer's 2021 Member Statements of Account or 2021 GASB statements. These documents aren't scheduled for distribution until early 2022.
Use Employer Access
The most accurate way to submit member wages and contributions to IMRF is through Employer Access.
Please contact IMRF at 1-800-728-7971 (employer-only number) with questions about reporting wages to IMRF.
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Authorized Agent Webinars |
We offer these online workshops for Authorized Agents to learn more about IMRF procedures and how to administer IMRF. Register today!
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Module I: Introduction, Enrollment, and Termination – January 28, 2021 at 11:00 AM
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Module II: Wage Reporting – February 18, 2021 at 9:00 AM
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Module III: IMRF Benefits – March 23, 2021 at 11:00 AM
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Module IV: Employer Rates and Legislation – April 20, 2021 at 9:00 AM
Workshop structure
This workshop is a 4-part series to prepare IMRF Authorized Agents. This single registration will allow you to attend the remaining modules. You are unable to cancel registration from any single module, but attendance is not mandatory at all four.
Together, these four 1-hour webinars cover the topics included in the former one-day workshop.
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You are receiving this email because you have been identified as an Employer Contact of IMRF. As such, you cannot opt out of receiving this email. To update your Employer Contact information, log in to your Employer Access account.
If someone at your employer would like to receive Employer Digest and does not have an Employer Access account, you can log in to your Employer Access account and add them as a "News Subscriber," or they may sign up here.
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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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