Get Imrf Form Bf 20

IMRF Will Not Reduce Your Social Security With the exception of a small number of people, IMRF members participate in Social Security in addition to IMRF, and you are entitled to full retirement benefits from each.

You must have at least eight years of service credit to receive a future IMRF pension. This eight-year requirement can include reciprocal service. Once you have at least eight years of service credit, you are guaranteed an IMRF pension for life. The more service credit you earn, the larger your pension will be.

The IMRF Pension Most IMRF members participate in IMRF's 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).

If an ERI retiree returns to work for any IMRF employer in any position, even as an independent contractor, his or her pension will be affected. Not only will the pension be suspended, but severe financial penalties apply.

Separation Refund — when you leave your IMRF employer before you retire. Voluntary Additional Contribution refund — if you have been making Voluntary Additional Contributions (VAC) you can take a refund of these contributions at any time.

Receiving an IMRF Pension To begin receiving an IMRF Tier 2 Regular Plan pension, you: Must have at least 10 years of service credit (can include reciprocal retirement system service credit).

In order for IMRF to process your payment, you must choose one. I direct IMRF to: Roll over nothing and make the entire distribution payable to me, less the 20% withholding. Roll over the entire amount and make payable to the IRA, 401k, or eligible retirement plan as named below.

The formula to calculate a Tier I Regular Plan pension is: 1-2/3% of your FRE for each of the first 15 years of service credit, plus. 2% of your FRE for each additional year of service credit over 15 years.