1. What is the Illinois IMRF Pension?

The Illinois IMRF (Illinois Municipal Retirement Fund) pension is a retirement benefit for municipal employees in Illinois. The formula calculates annual pension benefits based on years of service and final average salary.

2. How Does the Calculator Work?

The calculator uses the Illinois IMRF pension formula:

Where:

• \( 0.015 \) — 1.5% multiplier factor
• \( YS \) — Years of service
• \( FAS \) — Final average salary (USD)

Explanation: The formula multiplies 1.5% by the years of service and final average salary to determine the annual pension amount.

3. Importance of Pension Calculation

Details: Accurate pension calculation helps municipal employees plan for retirement, understand their expected benefits, and make informed financial decisions for their future.

4. Using the Calculator

Tips: Enter years of service (can include decimal values for partial years) and final average salary in USD. Both values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the IMRF multiplier based on?
A: The 1.5% multiplier is standard for most IMRF members, though some specific positions may have different multipliers.

Q2: How is final average salary calculated?
A: FAS is typically the average of the highest consecutive 48 months (4 years) of salary within the last 10 years of service.

Q3: Are there maximum benefit limits?
A: Yes, IMRF pensions are subject to IRS maximum benefit limits, which change annually based on inflation adjustments.

Q4: When can I retire with full benefits?
A: Full retirement age varies based on your tier and years of service. Tier 1 typically requires age 60 with 8+ years, or any age with 35+ years.

Q5: Can I purchase additional service credit?
A: Yes, IMRF allows members to purchase additional service credit for certain types of leave or prior service, which can increase your pension.