IMRF Introduces Employer Support Video Series; GASB 50 Statements Available; Two General Memos Released; Webinar Resources Presented Online; March 2016 Employer Reminder

April 1, 2016


In This Issue: IMRF introduces Employer Support video series GASB 50 Statements available Two General Memos released Webinar resources presented online March 2016 Employer Reminder	Quick Links: Visit IMRF's website Log in to Employer Access Employer Digest email archive

IMRF introduces Employer Support video series

IMRF has released four new videos in its Employer Support series. The videos were created to help Authorized Agents complete common tasks, including:

Enrolling Members in IMRF
Reporting Wages Using the Import Process
Reporting Wages Using the Manual Process
Authorizing Web Assistants and Security Administrators

The video series is available on IMRF's website under the "Employers" tab (select the "Employer Support Videos" subhead). All Authorized Agents and support staff are encouraged to view the series.

GASB 50 Statements available

Each employer's 2015 Governmental Accounting Standards Board (GASB) Statement 50, Pension Disclosure, is available in the Document Archive section of Employer Access. The GASB 50 can assist employers in preparing annual financial reports. A copy of the statement should be provided to each employer's auditor.

Employers' GASB 68 Statements will be available the end of April 2016.

Two General Memos released

IMRF recently issued two General Memos: General Memo 661: 2016 Employer Rate Meetings and General Memo 662: 2017 Preliminary Contribution Rate Notices.

General Memo 661 reports that IMRF will present a series of Employer Rate Meetings throughout the state beginning April 26, 2016. These meetings will review the impact of year-end financial and actuarial data on IMRF and the data's estimated impact on individual employers. A complete Rate Meeting schedule and registration information is included in the Memo.

General Memo 662 advises that each employer's Preliminary Contribution Rate Notice for Calendar Year 2017 is available April 1, 2016, in the Document Archive section of Employer Access. The Preliminary Contribution Rate Notices indicate the 2017 Annual Required Contribution (ARC) rate for an employer's IMRF Plans.

Both Memos may be reviewed on IMRF's website under the "Forms and Publications" tab.

Webinar resources presented online

IMRF launched its 2016 webinar series Tuesday, March 29, with the program "Pension Spiking and The Accelerated Payment: Facts and Good Practice."

Presented by Louis W. Kosiba, Executive Director, and Mark Nannini, Chief Financial Officer, the program defined pension spiking and its impact on employers and taxpayers. It also detailed legislative mandates, including the Accelerated Payment. Attendees were invited to submit questions during the presentation, many of which were addressed live during the broadcast.

The complete webinar program and the accompanying PowerPoint presentation are available for reference on a new, dedicated Pension Spiking and The Accelerated Payment Webinar Resources page on IMRF's website (located under the "Employers" tab on the home page). A transcript of the questions with detailed responses is forthcoming.

March 2016 Employer Reminder

IMRF funds and Social Security levies

IMRF audits occasionally identify employers improperly using funds from the IMRF levy to pay Social Security contributions, a practice prohibited by law that could result in serious consequences for the employer.

The Illinois Pension Code specifically states that revenue from the tax levy should be used only for employer IMRF contributions and may not be transferred for any other use.

Review the guidelines for IMRF funds and Social Security levies in the March 2016 Employer Reminder.

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IMRF

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