How many years to be vested in imrf

Under IMRF Tier 2, you qualify for an unreduced pension at age 67 normal retirement age if you have at least 10 years of service credit or at age 62 if you have 35 or more years of service credit.

You qualify for a reduced pension at age 62 and at least 10 years of service credit. Under SLEP Tier 2, you qualify for an unreduced pension at age 55 normal retirement age if you have at least 10 years of service credit. You qualify for a reduced pension at age 50 if you have 10 or more years of service credit. Members who have significant amounts of overlapping service may want to consider retiring independently under each system rather than using the reciprocal act.

Reciprocity applies only to retirement and survivor benefits. In most cases, it cannot be used for disability and insurance purposes. Members wishing to select reciprocity must apply to each retirement system. The systems will then exchange information in order to determine the benefits payable.

When payments begin, you will receive separate checks from each system. The use of reciprocity is entirely voluntary. If you are within five years of retirement, you may receive a reciprocal benefit estimate by contacting your current retirement system.

Learn More. Click here to login to your Member Access account. Register today. You are an inactive member if you previously participated in IMRF and left your contributions on deposit with us. You are guaranteed the return of your contributions as either a pension or a refund. However, if you have enough service credit to qualify for an IMRF pension we strongly discourage you from requesting a refund.

There are almost no circumstances when a refund will be an advantage to you over a pension. 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. Unused, unpaid sick days converted to service credit cannot be used to meet the year requirement for a Regular Tier 2 pension or year requirement for an unreduced pension under age The amount of your pension is based on your earnings and your service credit.

To calculate the amount of your pension, IMRF uses a formula that includes:. Your highest average earnings will most likely come later in your IMRF career. If this is the case, the FRE used to calculate your pension will be your highest total earnings during any 96 consecutive months within your last 10 years of IMRF service, divided by Usually, this is the average of the last 96 months of service.

If you have higher earnings at the beginning of your career, an alternate FRE is used. Use the Pension Calculator in your Member Access account to create your own pension estimates.

You can customize your estimates using a variety of different situations, such as different ages at retirement, different amounts of future service credit you think you might earn, etc.