Illinois Municipal Retirement Fund Employer Digest
December 18, 2014
In This Issue
2015 Tier 2 Wage Cap Increase
SLEP Tier 2 and Overtime
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2015 Tier 2 Wage Cap increase

For 2015, Tier 2 member wages do not include compensation in excess of $111,571.63.

You will continue to report earnings over $111,571.63, but you will not withhold any IMRF contributions for wages above the cap. IMRF will not accept contributions for 2015 wages over $111,571.63 for Tier 2 members.

Wage cap reset for calendar year
If you have any Tier 2 members who reached the wage cap in 2014, you must resume withholding and reporting IMRF member contributions for those members beginning in January 2015. (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.  
SLEP Tier 2 and overtime 

There are a number of differences between Tier 1 and Tier 2 of IMRF's Sheriff's Law Enforcement Personnel (SLEP) plan. 

 

One significant difference is that under SLEP Tier 2, wages earned as a result of overtime are not reportable as IMRF wages.

 

Since overtime wages are not IMRF-reportable wages, member contributions should not be withheld.
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