IMRF counselor Jessica Turner outlines pension rules, benefits and how members can apply

Jessica Turner, an education counselor with the Illinois Municipal Retirement Fund (IMRF), gave a presentation for members explaining how IMRF benefits are calculated, how to enroll and how to prepare for retirement.

Turner emphasized that IMRF is a defined-benefit plan established by the Illinois General Assembly in 1941 and that members’ benefits are protected under the Illinois pension code. "Your benefits are protected, by the Illinois pension code. So that means that your benefits cannot be diminished," Turner said. She summarized IMRF’s growth from five employers and $5,000 in assets at inception to more than 3,000 employers and roughly $53 billion in assets today and noted IMRF does not receive state funding.

Turner walked through core rules that determine eligibility and benefit size. Regular members currently contribute 4.5% of gross wages; a typical pension dollar came from member contributions (about 11 cents), employer contributions (about 22 cents) and IMRF investment earnings (about 67 cents). IMRF uses an "hourly standard" to determine enrollment (schools typically use 600 hours). Tier classifications depend on hire date: Tier…