Public Act 98-0218 

IMRF members can contribute an additional 10% of their earnings (Tier 2 members can contribute 10% of their earnings up to the wage cap) to IMRF's Voluntary Additional Contribution program. 

Voluntary Additional Contributions are after tax-they are not tax-deferred like usual IMRF member contributions. However, the interest a member earns on his or her Voluntary Additional Contributions is tax-deferred.

Recent legislation, P.A. 98-0218, requires IMRF to meet Internal Revenue Code requirements regarding Voluntary Additional Contribution refunds. The Internal Revenue Code does not allow refunds of the interest earned on Voluntary Additional Contributions while the member is still employed by his or her IMRF employer.

As a result, the rules regarding Voluntary Additional Contribution refunds will change effective February 1, 2014.

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Special Memorandum 329

Field Representative Jean Parson retiring,
New Field Representative Christine Fine 

IMRF Field Representative Jean Parson has announced her retirement effective October 31, 2013. Jean joined IMRF in February 2000 from the City of Carlyle in Carlyle, Illinois, where she worked for 26 years.

New Field Representative for Southern Region
We are pleased to announce Christine Fine as the new Field Representative for the Southern region.

 

Christine has a Bachelor's degree in Finance and more than 20 years of business experience. Christine has served as Business Manager and Authorized Agent for more than six years for the Shawnee Library System, and as Finance/Circulation Manager for two years for the Carbondale Public Library.

Effective immediately, employers in the Southern Region may contact Christine at:

Help your staff save for retirement October 20-26 

Small steps can result in big changes  

Many millennials, those aged 18 years old to 31 years old, face financial challenges from student loans and an unstable job market. To help them regain financial footing and prepare for the future, IMRF encourages millennials-and other generations-to re-examine their saving strategies and retirement plans during National Save for Retirement Week, Oct. 20-Oct.26.

 

National Save for Retirement Week provides an opportunity for employees to reflect on their personal retirement goals and determine if they are on target to reach those goals.

 

Visit the National Save for Retirement website. 

 

Read IMRF's press release.

• Certified two candidates for the upcoming Executive Trustee election     
• Honored IMRF Executive Director Louis Kosiba on his 25 years of service at IMRF
• Approved new Voluntary Additional Contribution rules 

Read more in the September 2013 Board Meeting Highlights