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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.
Is IMRF pension federal taxable?
Your IMRF pension is subject to federal income tax. If you live in Illinois, your pension is not subject to state income tax.
What is the difference between Tier 1 and Tier 2 in Illinois?
If you first participated in IMRF or reciprocal system (except Judges or General Assembly retirement systems): Before January 1, 2011, you are in Tier 1. On or after January 1, 2011, you are in Tier 2.
What is the 6% rule for IMRF?
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 difference between Tier 1 and Tier 2 pension?
You may retire at: Age 67, with 10 years of service credit. Between ages 62-67 with 10 years of credited service (reduced 1/2 of 1% for each month under age 67).
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Tier 1 is the equivalent of Social Security benefits and Tier 2 is like an employers pension plan. Social Security Benefits: Payments made under Title II of the Social Security Act.
Related links
DESIGNATION OF BENEFICIARY - IMRF Form 6.11 (Rev. 06
IMRF. DESIGNATION OF BENEFICIARY. IMRF Form 6.11 (Rev. 06/2012). Please print or type- use black ink and do not use a highlighter on the form. 1. Member
by N Shnitser Cited by 45 ABSTRACT: Using newly collected data on over 100 state-administered pension plans, this Article shows that previously overlooked differences in.
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