How long before you are vested with IMRF?

eight years
Most IMRF members participate in IMRF’s Regular plan. A Regular Tier 1 member needs at least eight years to vest (be eligible) to receive an IMRF Regular plan pension. The earliest age a Regular Tier 1 member can receive a pension is age 55 (reduced) and age 60 (full pension).

How long does it take to be vested in IMRF Tier 2?

To begin receiving an IMRF Tier 2 Regular Plan pension, you: Must have at least 10 years of service credit (can include reciprocal retirement system service credit).

Is IMRF a good pension?

On the surface, IMRF is doing well. The pension system has a funding ratio of 87 percent – by far the highest of any major pension fund in Illinois. By contrast, the Chicago police and firefighter pension funds are each less than 25 percent funded.

What age can you retire with IMRF?

Although you can retire as early as age 62, age 67 is your full retirement age. Your pension may be reduced if you retire before age 67, depending upon the amount of service credit you have. The lesser of: 1/2% for each month you are under age 67 or.

Can I retire at 55 with IMRF?

To begin receiving an IMRF Tier 1 Regular Plan pension, you: Must have at least eight years of service credit (can include reciprocal retirement system service credit). Cannot be working in any position which qualifies for IMRF participation. Must be at least age 55.

What happens to my IMRF pension if I quit?

If you will not continue to participate in IMRF, you can leave your contributions on deposit with IMRF or, in most cases, you can take a refund. You are not required to take a refund when you leave your IMRF employer.

Can I collect Social Security and IMRF?

IMRF Will Not Reduce Your Social Security With the exception of a small number of people, IMRF members participate in Social Security in addition to IMRF, and you are entitled to full retirement benefits from each.

What is a Tier 2 pension?

Tier 2 is a “defined benefit” plan that provides pension benefits based upon final pay and years of service. This plan provides service, disability, and survivor pension benefits as well as retiree health insurance subsidies to eligible sworn members and certain qualified survivors.

Can I roll my IMRF into a 401k?

In order for IMRF to process your payment, you must choose one. I direct IMRF to: Roll over nothing and make the entire distribution payable to me, less the 20% withholding. Roll over the entire amount and make payable to the IRA, 401k, or eligible retirement plan as named below.

Can you collect Social Security and IMRF?

With the exception of a small number of people, IMRF members participate in Social Security in addition to IMRF, and you are entitled to full retirement benefits from each. It is your responsibility to ensure that you receive the full Social Security benefit you are entitled to.

Is IMRF a 401k?

IMRF is not a plan under sections 401(k), 457, or 403(b), and • Retirement contributions to IMRF are required as a condition of employment. IMRF is a qualified retirement plan under section 401(a) of the Internal Revenue Code, and IMRF member contributions are tax-deferred under section 414(h).