Illinois Municipal Retirement Fund Employer Digest
December 16, 2013
In This Issue
Pension Reform Legislation
2014 Tier 2 Wage Cap Increase
Coffee for CFO Dick DeCleene
Field Rep Cindy Lambin retiring
Questions about the Affordable Care Act?
November Board meeting Highlights
Quick Links
General Memo 645

Pension Reform Legislation  


On December 5, 2013, the governor signed Senate Bill 1 into law as Public Act 98-0599. The law is effective June 1, 2014.

The major provisions of this bill do not affect current IMRF members. Three smaller provisions affect future IMRF members.

Members who first begin participating in IMRF on or after June 1, 2014, will no longer be able to
  • Apply lump sum payments for sick leave or vacation time toward pensionable salary at retirement.
  • Convert unused, unpaid sick leave to service credit at retirement.

Read General Memo 645.  

2014 Tier 2 Wage Cap increase

For 2014, Tier 2 member wages do not include compensation in excess of $110,631.26.

You will continue to report earnings over $110,631.26, but you will not withhold any IMRF contributions for wages above the cap. IMRF will not accept contributions for 2014 wages over $110,631.26 for Tier 2 members.

Wage cap reset for calendar year
If you have any Tier 2 members who reached the wage cap in 2013, you must resume withholding and reporting IMRF member contributions for those members beginning in January 2014. (The wage cap period is based on the calendar year, regardless of your employer's fiscal year.)

The wage cap amount is increased annually by the lesser of 3% or
one-half of the increase in the Consumer Price Index (urban) for the preceding September.

If you have any questions about implementing the Tier 2 wage cap, contact the IMRF Wage Reporting Unit.  

Please join us for a Coffee for retiring CFO Dick DeCleene

IMRF Chief Financial Officer Dick DeCleene will be retiring at the end of 2013.
 
IMRF will host a Coffee for Dick DeCleene on Friday, December 20, 2013 from 1:30 p.m. to 3:00 p.m. in the IMRF Boardroom, 2211 York Road, Oak Brook, Illinois.
 
Please join us as we congratulate Dick and wish him well in retirement. If you plan to attend, please click on the link below:

 

Yes, I will attend.  

Special Memo 331

Field Representative Cindy Lambin retiring, New Field Representative Randy Stevens   

 

Field Representative Cindy Lambin has announced her retirement effective December 31, 2013.

 

We are pleased to announce Randy Stevens as the new Field Representative for the Western region. Randy has a Bachelor's degree in history and more than six years of experience as a field representative for the Illinois AFL-CIO. 

 

Effective immediately, you may contact Randy at

 

Randy Stevens
P.O. Box 401

Peoria, IL 61651
309-579-2000
309-579-2008 fax

Please join us as we wish Cindy well in her retirement and as we welcome Randy to his new position.

 

Read Special Memo 331 

Questions about the Affordable Care Act?

IMRF's endorsed health plan consultant, Doyle Rowe LTD, has insurance specialists to help IMRF retirees and members planning for retirement review their health plan options, including new possibilities offered under the Affordable Care Act.

Contact Doyle Rowe LTD online by visiting www.doylerowe.com or by calling 1-800-564-7227.
November Board Meeting Highlights

At the November Board meeting, the Board:
  • Appointed William Stafford to fill the vacant trustee position 
  • Approved IMRF's 2014-2017 Strategic Plan
  • Approved IMRF's 2014 budget 
Read more in the November 2013 Board Meeting Highlights.
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