IMRF is providing status updates on two awaited reports - Addendum II and the 2014 Annual Report.

First, the release date of IMRF's 2014 Schedule of Fiduciary Net Position by Employer - commonly referred to as "Addendum II" - has been slightly delayed until the end of July 2015. If you are an employer affected by GASB 68, please share this update with your employer's finance officer/business manager.

IMRF's staff and its audit firm are diligently working together to insure the employer schedules are appropriately presented, as prescribed by the Governmental Accounting Standards Board (GASB). This review has led to a brief delay in production. When released, the report will provide affected IMRF employers with detailed information (as of December 31, 2014) necessary to comply with the financial reporting requirements of GASB 68.

IMRF apologizes for any inconvenience this delay may cause. Please contact Mark Nannini, Chief Financial Officer, at 630-368-4345 with any questions.

Meanwhile, IMRF's 2014 Comprehensive Annual Financial Report is now available online for review and download.

Reflecting IMRF's recently introduced branding, the report includes year-end financial statements and statistical data, as well as a summary of benefits and commentaries from professional consultants engaged by IMRF, including: an Auditor's Opinion, an Actuary's Report, and an Investment Consultant's Report.

Employers may visit the Annual Financial Reports page on IMRF's website to review and download the 2014 Comprehensive Annual Financial Report, the 2014 Popular Annual Financial Report, and related reports for calendar year 2014. 

Often, IMRF members automatically apply for a refund of their contributions when they leave an IMRF employer before retirement - sometimes at the advice of an Authorized Agent. It is more beneficial if Authorized Agents are approached, however, to explain all options and allow members to make the best decision for themselves.

Most members who stop working for an IMRF employer have three options:

1. Leave the contributions on deposit with IMRF, appropriate for vested members or those who may work for an IMRF employer or reciprocal system employer in the future.
2. Roll over the contributions into an IRA (other than a Roth IRA) or other qualified plan, an option for non-vested members who will not work for another IMRF employer or reciprocal system in the future.
3. Receive a direct payment, an option that should be considered very carefully. IMRF is required to deduct 20% of the taxable portion as federal income tax withholdings for those age 59-1/2 or younger. Plus, those younger than age 55 may pay an additional 10% tax.

Authorized Agents should advise members to take time and weigh all options thoroughly so they may make the best decision when leaving an IMRF employer before retirement. To help, direct members to visit IMRF's website for more information on members' options when leaving IMRF employment.  

Employer Access Secure Message Center provides IMRF administrators an efficient way to send confidential information to IMRF, submit questions specific to your employer, and receive private data from IMRF.

These electronic messages are private and protected because they're sent and received within the security of IMRF's website. The secure Employer Access area of IMRF's website shields sensitive information - like Social Security numbers, addresses, and financial data - during transmission.

Read more about Employer Access Secure Message Center in the June 2015 Employer Reminder.