Illinois Municipal Retirement Fund Employer Digest
October 20, 2014
In This Issue
National Save for Retirement Week
Terminating members and reporting wages
Quick Links
National Save for Retirement Week

 

An IMRF pension will help support your employees during their retirement. But most IMRF members will need additional savings to enjoy a truly secure retirement.

 

In honor of National Save for Retirement Week (Oct. 19 to Oct. 25), IMRF is encouraging all Americans - including IMRF members - to take stock of their retirement readiness, and to start saving more. Research shows that 36% of U.S. workers have less than $1,000 saved and invested for retirement.

 

"Most Americans are not saving enough to live 20-30 years in retirement," said IMRF Executive Director Louis W. Kosiba. "The good news is that everyone can begin to save at any age, whether they're 21 or 51 years old. Just as IMRF uses sound investment principles, we encourage all Americans to save and invest a portion of their income."

 

Click here for some additional retirement savings tips to share with your employees.

Terminating members & reporting wages

  

Most IMRF Authorized Agents know to use Employer Access to submit a "Notice of Termination of IMRF Participation" when employees are no longer eligible for IMRF participation. 

But when exactly do you stop reporting terminated members' wages?

The basic rule is that you should report wages paid during the month of termination AND the calendar month to follow employees' dates of termination. Any wages paid later than the calendar month following termination are never reported to IMRF. 

Please note: you do not need to re-enroll terminated members if you report wages for them in the calendar month following termination. Employer Access allows you to report these wages with no error. 

If you have any questions about this or any of your other duties as IMRF Authorized Agent, call an IMRF Member Services Representative for help at 1-800-ASK-IMRF.
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