Welcome to Employer Digest, your monthly source for IMRF news and
information to help you stay connected with IMRF.
|
|
Important IMRF Documents Available in 2022 |
In 2022, 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.
- The Employer Reserve Account Statement (to release February 2022) provides accounting of your employer's IMRF assets for 2021. It reports the opening balance on January 1, 2021, the closing balance on December 31, 2021, investment earnings, interest charges, charges for employee retirements, and credits for contributions made to IMRF.
-
Employer Copy Member Statements (to release February 2022) are for your employer's records and provide summaries of your IMRF members' accounts for 2021. They include a breakdown of service credit (including the type of service), contributions, and wages for each month.
- The Preliminary Rate Notice (to release April 2022) provides your employer's estimated contribution rate for 2023.
- Both the GASB 50 and GASB 68 statements (to release April 2022) provide the funded status of your IMRF plan(s) as of December 31, 2021. One or both of these statements are needed to complete your employer's financial statements.
- The Final Rate Notice (to release November 2022) provides your employer's actual contribution rate for 2023.
Reminder: 2022 Final Rate Notices
Your employer's 2022 Final Rate Notice is available now in Employer Access. 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 2022 Annual Contribution Rate for each of its IMRF plans.
We will notify you when documents are available
IMRF will notify employers through Employer Access pop-up alerts 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.
|
|
November Board Meeting Highlights |
On Friday, November 19, 2021, the IMRF Board of Trustees:
- Approved the 2022 IMRF employer contribution rates
- Shared findings from the actuarial consultant review of IMRF's funding policy
- Passed three Board Resolutions (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 17, at 9 AM.
|
|
Amended Board Resolutions |
The IMRF Board of Trustees passed three Board Resolution amendments at their meeting on November 19, 2021:
-
Board Resolution 2021-11-12(a): Updates IMRF employer compliance review follow-up procedures.
-
Board Resolution 2021-11-12(b): Updates due date for employer wage reports and updates rules concerning the calculation of the statutory interest rate on unpaid employer accounts. This will be effective after the future launch of IMRF’s new pension administration software. IMRF employers will be given advance notice of this transition.
-
Board Resolution 2021-11-12(c): Updates separation of service requirements for retirees that began January 1, 2021.
|
|
January Closing Date for 2021 Payroll |
Your employer's December 2021 wage report is due no later than Friday, January 21, 2022. You must submit your employer's final 2021 wage report and any adjustments by this date for IMRF to include the information in your employer's 2021 Member Statements of Account and 2021 GASB statements. These documents are available in early 2022. You should also resolve any outstanding pending wages by January 21.
Late reports and adjustments could make 2021 documents inaccurate
Wage reports and adjustments received after January 21, 2022, may not appear until your employer's 2022 Member Statements of Account or 2022 GASB statements. These documents aren't scheduled for distribution until early 2023.
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.
|
|
Authorized Agent Webinars
|
We offer these online webinars for Authorized Agents to learn more about IMRF procedures and how to administer IMRF. Register today!
-
Module 1: Introduction, Enrollment and Termination – January 11, 2022 at 9:00 AM
-
Module 2: Wage Reporting – February 8, 2022 at 9:00 AM
-
Module 3: IMRF Benefits – March 8, 2022 at 9:00 AM
-
Module 4: Employer Rates and Legislation – April 12, 2022 at 9:00 AM
Webinar structure
This 4-part webinar series prepares IMRF Authorized Agents to perform common IMRF tasks. 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. Each webinar stands alone, and you can attend them in any order.
|
|
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.
|
|
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
|
|
|
|
|
|
|
|
