Financial Workshops and IMRF

IMRF was one of the first pension funds in the country to host workshops for their retirees. While these workshops have evolved over time, the goal remains to give important resources and information to IMRF retirees.

This September, IMRF will be hosting Financial Retiree Workshops to provide information about Medicare choices and estate planning. Below is some key information to think about during the workshop.

Health Insurance

IMRF benefits do not include insurance benefits.

Most IMRF retirees get insurance through Medicare, and the number of options can feel overwhelming. The upcoming "Understanding Medicare Choices" workshop will explore the different types of Medicare programs you can sign up for and compare what they do (or don't) cover.

Estate Planning

Every IMRF member receives benefits they can give to their loved ones upon their death. This includes a $3,000 lump sum and a surviving spouse pension, if eligible. Additionally, if you have not yet received the full amount you contributed to your IMRF pension, your beneficiaries will receive this additional amount.

Death benefits vary slightly based on whether you retired with a Tier 1 or a Tier 2 pension.

To help ensure your benefits get to your loved ones, you should:

• Keep your beneficiaries up to date in Member Access, including their name, email, phone number, and Social Security number.
• Submit the birth certificate for a spouse that will receive surviving spouse benefits.

During the "Estate Planning Toolbox" workshop, you will learn about wills, trusts, power of attorney, tax laws, and more. When you complete your estate planning, be sure to remember to include your IMRF benefits.