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IMRF Will Send You an Accelerated Payment Invoice If a member retires from your employer with an end-of-career increase in reported earnings of at least 6%, or 1.5 times the increase in the CPI-Urban as of the previous September, whichever is greater, your employer will receive an Accelerated Payment Invoice.
What is the 6% rule for pension buyout?
The 6% Test If your monthly pension payout is 6% or higher, the monthly pension could be a solid option. If the monthly pension payout is less than 6%, the lump sum amount, which can be rolled into a retirement account, may offer greater financial flexibility.
What happens to IMRF if I quit?
IMRF will automatically keep your service credit and contributions on file from your previous employer. Your service credit and contributions will continue to build when your new employer reports your wages and contributions.
What is the 6% retirement rule?
As a general guide, you can use the 6% Rule when evaluating the two options. Its a straightforward tool to help assess which choice makes more financial sense over time. Heres how the 6% Rule works: If your monthly pension offer is 6% or more of the lump sum, it might make sense to go with the guaranteed pension.
What is the rule of 85 for IMRF?
Eligibility. You may retire at: Age 60, with 8 years of service credit. Any age, when your age (years whole months) plus years of service credit (years whole months) equal 85 years (1020 months) (Rule of 85).
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The 125% rule, which limits the earnings to be included in the pension calculation in the final three months of the FRE period to no more than 125% of the earnings in any of the other months of the FRE period, is still applicable to the calculation of the pension.
How long does it take to be fully vested in IMRF?
Most IMRF members participate in IMRFs Regular plan. A Regular Tier 1 member needs at least eight years to vest (be eligible) to receive an IMRF Regular plan pension. The earliest age a Regular Tier 1 member can receive a pension is age 55 (reduced) and age 60 (full pension).
Should this employee be enrolled in IMRF?
If a person is employed in a position normally requiring performance of duty for 600 hours or more in the next 12 months following the employees date of hire, you must enroll that employee in IMRF.
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Jan 1, 2020 Upon surrender of all eligible sick leave days to IMRF for service credit towards retirement, a service employee with ten (10) consecutive years
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