IL SB3807

New employees joining the Illinois Municipal Retirement Fund (IMRF) 6 months after the effective date will be automatically enrolled to contribute 3% of each paycheck as additional retirement annuity contributions upon enrollment

Employees may adjust their additional contribution rate at any time by written notice to the Board, with contributions capped at 10% of earnings

Separation benefits will now include interest credited through the end of the preceding calendar year for additional voluntary contributions made under Section 7-173

The IMRF Board may limit withdrawals of additional contributions to no less than once per calendar year and may charge an administrative fee to cover withdrawal processing costs

The Act takes effect January 1, 2021 and is exempt from State reimbursement requirements under the State Mandates Act