The secure message feature in Member Access also allows you to send documents to IMRF or ask questions securely. | The Illinois Municipal Retirement Fund was created in 1939 by the Illinois General Assembly and began operating in 1941. This e-newsletter includes news and links to best inform employers and help them administer IMRF. The amount of the surviving spouse benefit is always 50% of IMRF's standard pension plan and is payable for the lifetime of your surviving spouse, even if your spouse remarries. Form 6. IMRF electronically issues General Memorandum to all IMRF employers. Board of Trustees Meeting. You cannot work for any IMRF employer for at least 60 days after your pension start date. | The Illinois Municipal Retirement Fund was created in 1939 by the Illinois General Assembly and began. IMRF electronically issues General Memorandum to all IMRF employers. R File for IMRF disability or apply to reinstate past service R Estimate your future IMRF pension R Make sure your IMRF contributions were reported correctly R Ask us a question day or night and hear back in two business days Go to and click “MEMBER LOGIN” at the top right of the page. M. This e-newsletter includes news and links to best inform employers and help them administer IMRF. If you roll over your payment to a Roth IRA You can roll over a payment from the Plan to a Roth IRA. You may earn up to one year of additional service credit for your unused, unpaid sick time under certain conditions. John. 10 (Rev. Forms for Retirees and Annuitants. On your cost quote, you will see this information: The type of service: Which type you will purchase and the date IMRF received your purchase of service application. 107% of your June 2023 payment. Staff members who assist you with day-to-day IMRF issues and processes, such as enrollment, payroll reporting, benefit applications and various member inquiries, are invited to attend. Call IMRF Member Services: Member phone number: 1-800-ASK-IMRF (1-800-275-4673) Mon-Fri, 7:30am-5:30pm CST: Send a Fax to IMRF: 630-706-4289: Send a Secure Electronic Message: Send a Secure Message: Send Mail to IMRF: IMRF 2211 York Road Ste 500 Oak Brook IL 60523-2337: Visit IMRF: Main Office 2211 York Road Ste 400 Oak Brook IL 60523-2337 Mon. IMRF members' and employers' rights and obligations are governed by Article 7 of the Illinois Pension Code. If a conflict arises between information in the IMRF website and the law, all decisions are based on the law. Requests for Proposals publicized by IMRF on April 3, 2023. If you have your registration key, click "yes" and enter it. IMRF'sEmployer Digestis emailed to all employers with an active Employer Access account on a monthly basis. The initiative encouraged Member Access account creation (2,480 new accounts created in April), avoided printing 2. The contents of this Manual and its Board policies may be changed at any time. At retirement, you can take. 729% of your June benefit payment. No longer participating in IMRF but left your contributions on file. About 3,000 employers (school districts, cities, villages, counties, townships, and other local governmental units) and more than 176,000 members are. Your statement provides your total contributions and service information. If you do not have an eligible surviving spouse when you retire, you can take your surviving spouse contributions as a lump sum refund or you can convert them. Be sure to have your EFT and PIN ready; you’ll need. How to Read Your Buyback election confirmation letter. Maintaining an IMRF Member Access account is the best and fastest way to do. Employers do not make any contributions to your VA account. Board of Trustees Policies. The fastest and easiest way to manage your IMRF account is through our secure available 24 hours a day, seven days a week. IMRF members' and employers' rights and obligations are governed by Article 7 of the Illinois Pension Code. Tier 2 - member Jan 2011 or later . In 2022, IMRF’s total expenses equaled about $2. If you have not yet registered, do it today by clicking on. Your surviving spouse pension becomes payable on the first day of the month following the death of the retired member. Upload Document. 2211 York Road. For additional information or questions, call IMRF's Employer Contact Center at 1-800-728-7971. IMRF Employers will elect one Executive Trustee who will serve a five-year term which will run from January 1, 2024, through December 31, 2028. If you think you qualify for an exemption, you must call an IMRF Member Services Representative at 1-800-ASK-IMRF (1-800-275-4673), Monday through Friday, 7:30 a. Board of Trustees Policies. Recent Illinois Pension Law Changes and the Impact for IMRF Employers. To register, you will need your IMRF Member ID and a valid email address. IMRF members' and employers' rights and obligations are governed by Article 7 of the Illinois Pension Code. You earn one month of service credit for each month you: Work in a qualified position and make a member contribution. The IMRF website provides a brief summary of IMRF benefits and the administration of those benefits. Surviving spouse pensions under Tier 2 are increased each January, beginning the year after your spouse turns 60. To properly complete your QILDRO, you need the following: The court’s judicial district and county. IMRF members' and employers' rights and obligations are governed by Article 7 of the Illinois Pension Code. Your total pension at retirement cannot exceed 75% of your final rate of earnings. If you want to better understand the nature of IMRF and why you are making contributions, this webinar is for you! An IMRF representative will explain how your pension is funded, your benefits as an IMRF member, and the importance of having more than one savings vehicle as you. Please contact us to get Medicare Plan information. TheIMRF, Oak Brook, Illinois. These changes are retroactive to January 1, 2011. 11A. Click here to begin. If you don’t have a registration key, click "no" and follow the instructions. Board Resolutions - Felony Forfeiture. Agendas are subject to revision prior to each meeting. The fastest and easiest way to manage your IMRF account is through our secure available 24 hours a day, seven days a week. com)ACA Reporting 1095-B and 1095-C: Employees enrolled in a PDRMA Health medical plan in 2021 that wish to obtain their 2021 Form 1095-B and COBRA or IMRF continuation participants who wish to obtain their 2021 Form 1095-C should contact their agency Health Benefits Coordinator or submit a request to of PDRMA Health at 2033 Burlington Ave. IMRF's Voluntary Additional Contributions (VAC) is a unique and very effective savings vehicle available to IMRF members only, to. Statements on the IMRF website are general, and the Illinois state law governing IMRF is complex and specific. View your service credit and. October 18, 2023. IMRF electronically issues General Memorandum to all IMRF employers. Member Access. Member Access. An active IMRF member. make any more Voluntary Additional Contributions in that year even if you haven't reached the VAC. Confirm the amount of contributions you made and the service credit you earned for that year, if any. Responses to Inquiries to be posted on IMRF’s website by April 17, 2023. For more information about the 2021 13th Payment, please refer to the page specific to your benefit plan:IMRF Employers will elect one Executive Trustee who will serve a five-year term which will run from January 1, 2024, through December 31, 2028. Status: Active. IMRF members' and employers' rights and obligations are governed by Article 7 of the Illinois Pension Code. The IMRF website provides a brief summary of IMRF benefits and the administration of those benefits. Call an IMRF Member Services Representative at 1-800-ASK-IMRF (275-4673) for more information. IMRF members' and employers' rights and obligations are governed by Article 7 of the Illinois Pension Code. Statements on the IMRF website are general, and the Illinois state law governing IMRF is complex and specific. The 2023 Supplemental Benefit Payment (13th Payment) will be direct deposited for eligible retirees on July 7, 2023. bglover@imrf. Member Access submissions will only be accepted for the account holder. Give notice that you intend to retire under ERI. Kuehne has served on the IMRF Board since 2013. Voluntary Additional Contributions: Are limited to a maximum of 10% of your IMRF reportable earnings, up to the Tier 2 wage cap. Forms for Retirees and Annuitants Board of Trustees Policies See full list on imrf. 6 million pages, and saved IMRF more than $230,000 in printing/mailing costs. In 2023, the 13th Payment will be about 24. The Board Investment Committee assists the Board of Trustees with its duty to invest the asse The fastest and easiest way to manage your IMRF account is through our secure available 24 hours a day, seven days a week. Check your member contributions on deposit and total IMRF service credit as of December 31 of the previous year. The contents of this Manual and its Board policies may be changed at any time at the sole. The IMRF website provides a brief summary of IMRF benefits and the administration of those benefits. Follow these easy step-by-step instructions on creating a Member Access Account and Viewing your 2021 Benefit Statement. IMRF's Voluntary Additional Contributions (VAC) is a unique and very effective savings vehicle available to IMRF members only, to. Tools. Deans, Principals, Directors, & Other Administrative. 2023 Retiree Lifestyle Workshop Webinars. The contents of this Manual and its Board policies may be changed at any time. The case caption and case number. This resolution provides rules for the participation of governing body officials and other elected officials. It is governed by Article 7. IMRF Form 5. November 17, 2023. IMRF divides the first. Board of Trustees Policies. Receive an IMRF disability benefit. Your total pension at retirement cannot exceed 75% of your final rate of earnings. Register for a “Your Glass is Half Full” workshop to learn more about your benefits. The name, mailing address, and Social Security number for you and your alternate payee. In November, IMRF will conduct two trustee elections: Employers will elect one Executive Trustee for a five-year term. Board of Trustees Policies. The fastest and easiest way to manage your IMRF account is through our secure available 24 hours a day, seven days a week. Your FRE is your highest average earnings over a certain period of time. Form 1199. encourage and support in Modern Academic Values and Needs. Eligible IMRF members have six months to transfer qualifying IMRF service credit to SERS. Check your member contributions on deposit and total IMRF service credit as of December 31 of the previous year. The Board Investment Committee assists the Board of Trustees with its duty to invest the asseIMRF Investments News. While you are on IMRF disability: You continue to earn service credit toward your future IMRF pension, at no cost to you. If the CPI decreases or is zero, you will not. The contents of this Manual and its Board policies may be changed at any time at the sole. The Board Investment Committee assists the Board of Trustees with its duty to invest the asseMEMBER LOGIN EMPLOYER LOGIN. Registration Key: IMPORTANT: If you have misplaced your letter containing the Registration Key or. Transactions are securely and instantly transmitted to IMRF. Scan your completed form and send it to IMRF by attaching it to a secure message using Member Access. Forms for Retirees and Annuitants. 2211 York Road Suite 500 Oak Brook,IL 60523-2337 1-800-ASK-IMRF (1-800-275-4673) At or about age 50 Make sure you know when you will be eligible for a retirement benefit. IMRF members' and employers' rights and obligations are governed by Article 7 of the Illinois Pension Code. Enter your username and password to access your IMRF account. Fax: 630-706-4656. Contact IMRF. Newly Elected Officials Must Complete Form if Choosing to Participate in IMRF. Oak Brook, IL 60523-2337. January 5, 2022 Highlights of the December 2021 Board Meeting Board certified election results, approves diversity report,. 48% to 3. Any additional contributions and service credited to your member account on or before December 31 of the previous year are shown under “Total IMRF Service Credit” and in detail in the “Service, Wages & Contributions. The IMRF website provides a brief summary of IMRF benefits and the administration of those benefits. If you haven’t received your 1099-R by February 15, 2021, please contact a Member Services Representative at 1-800-ASK-IMRF (275-4673). Your total pension at retirement cannot exceed 75% of your final rate of earnings. Section 1: IMRF Organization and Governance. Kuehne has served on the IMRF Board since 2013. IMRF electronically issues General Memorandum to all IMRF employers. It currently serves the needs of over 85,000 public employee retirement system members nationwide. Recent Illinois Pension Law Changes and the Impact for IMRF Employers. 00% for the additional SLEP benefit. The annual increase for January 1, 2015: $12. m. Staff members who assist you with day-to-day IMRF issues and processes such as enrollment, payroll reporting, benefit applications,. Your contribution is reduced (Refer to IRS publication 590-A) $228,000 or more. Name or change the beneficiary of your annuitant death benefit. Transactions are securely and instantly transmitted to IMRF. Age 62 with 5 years of service. An active IMRF member. Eligibility and nominating procedures vary based on the type of trustee: Employee Trustees: Any IMRF member who has eight years of IMRF service credit as of December 31 of the election year is eligible to be nominated. 8 billion on December 31, 2021. This e-newsletter includes news and links to best inform employers and help them administer IMRF. Accelerated Death Benefit option is a feature that is made available to group life insurance participants. The fastest and easiest way to manage your IMRF account is through our secure available 24 hours a day, seven days a week. Are after tax, not tax-deferred. For more information, refer to the EFT Pay Online Payment Instructions sheet included in your confirmation packet. Forms for Retirees and Annuitants. You may contribute up to an additional 10% of your earnings to VAC. Statements on the IMRF website are general, and the Illinois state law governing IMRF is complex and specific. The webinar will be approximately 1 hour. IMRF Member Services Representatives cannot answer questions about insurance benefits. My Account Member Access. 01/2020) • The exception for payments made at least annually in. IMRF Investments News. Member Access. OAK BROOK, Ill. Its IMRF members would be eligible to. Benefits. If you are an active member and you remarry, your new spouse may be eligible for a surviving spouse pension. TRS Tier 2 requires age 67 and 10 years of service. Date: 2/3/2023. Oak Brook, IL 60523-2337. 2% of your FRE (up to the wage cap) for each additional year of service credit over 15 years. Enter your Email Address twice and click Continue. We apologize for any inconvenience. Surviving spouse contributions are 16. August 11, 2023. The contents of this Manual and its Board policies may be changed at any time at the sole. 00. Transactions are securely and instantly transmitted to IMRF. IMRF Member Services Representatives cannot answer questions about insurance benefits. Statements on the IMRF website are general, and the Illinois state law governing IMRF is complex and specific. If your surviving spouse is under age 60, IMRF. You made full contributions in Social Security since you began employment or since your employer joined IMRF, whichever. Our Employer Workshops for Winter 2023 will be offered online in two separate 90-minute-long webinar sessions (Parts 1 and 2) designed for Authorized Agents and other employer representatives. A Benefit Protection Leave allows you to receive IMRF service credit and protect your disability and death benefits during an unpaid leave of absence. Transactions are securely and instantly transmitted to IMRF. When a topic applies to a certain group of employers, IMRF. Locally funded, financially sound. Monthly amount in 2015. Profile. The selected Index will ultimately serve as a reference benchmark for an actively managed portfolio implemented by IMRF Investment Staff. Full increase of $24. The fastest and easiest way to manage your IMRF account is through our secure available 24 hours a day, seven days a week. To support Member States and other relevant stakeholders in preparing for the Forum, the United Nations Network on Migration (Network) will host the Migration Dialogues series (January – April 2022) on the Migration Network Hub. 2) How to Access the "Members Only" Area if You Don't Have Log-in Credentials as an IMRF MemberDo you want to manage your IMRF pension online? Register for Member Access, a secure and convenient way to view your account details, update your information, and access forms and resources. When a topic applies to a certain group of employers, IMRF. NA: Form 6. TRS allows for an unreduced retirement annuity with the following: Age 55 with 35 years of service. Transactions are securely and instantly transmitted to IMRF. Forms for Retirees and Annuitants. IMRF'sEmployer Digestis emailed to all employers with an active Employer Access account on a monthly basis. As a result, the new program will offer discounted rates, reduced medical underwriting, and in. Your annual increase amount does not change. The IMRF website provides a brief summary of IMRF benefits and the administration of those benefits. — Please note the IMRF web site will be down for maintenance on Sunday, September 24 from 7:30 AM - 12 PM. Transactions are securely and instantly transmitted to IMRF. The 2021 Supplemental Benefit Payment (13th Payment) will be direct deposited for eligible retirees on July 8, 2021. If you do not pay within 90 days, your invoice must be paid within three years after the initial 90-day period and interest will accrue. IMRF Employer Access. You have been married to your new spouse for at least one year prior to your death. MEMBER LOGIN EMPLOYER LOGIN. Your Final Rate of Earnings (FRE). 10: Name or change beneficiaries: Member Access: Form 6. IMRF Employer Digest 8/2023 - #8. Some other situations include:How to Apply for Your Refund. Ballots will be mailed to Authorized Agents or governing bodies in October, and must be returned by the close of business at 4:30 PM CST, Friday, December 8, 2023. National Retirement Security Month is an annual effort each October to raise public awareness about the importance of saving for retirement. With your Employer Access account, you can report wages, enroll and manage. Lump sum death benefits. Nominations for IMRF Executive Trustee Accepted through September 15. This e-newsletter includes news and links to best inform employers and help them administer IMRF. If you do not have an eligible surviving spouse when you retire, you can take your surviving spouse contributions as. You cannot contribute to a Roth IRA. Below $218,000. The amount is always 3% of your original pension amount, not 3% of your current pension payment. The fastest and easiest way to manage your IMRF account is through our secure available 24 hours a day, seven days a week. Your statement provides your total contributions and service information. When Your Surviving Spouse Pension Starts. Documents. , to begin the review process. 5% of your salary toward your future IMRF pension: 6. Ballots will be mailed to Authorized Agents or governing bodies in October, and must be returned by the close of business at 4:30 PM CST, Friday, December 8, 2023. Employer Newsletters. We will address the steps you must take before and during the IMRF retirement application process. Eligible IMRF members have six months to transfer qualifying IMRF service credit to SERS. Forms for Retirees and Annuitants. Forms for Retirees and Annuitants. Veterans Parkway Springfield, IL 62704 Phone: 217-785-7444 Fax: 217-785-7019 Email SERSThe 2024 disability benefit contribution rate will decrease to 0. Transactions are securely and instantly transmitted to IMRF. IMRF electronically issues General Memorandum to all IMRF employers. Enroll an eligible employee in IMRF: Employer Access: NA: Hire an IMRF member who is receiving a pension: Call IMRF: Enroll a city hospital employee: NA: Form 6. IMRF electronically issues General Memorandum to all IMRF employers. If your adjusted gross income is. You contribute 7. Form 5. If a conflict arises between information in the IMRF website and the law, all decisions are based on the law. Board Resolutions - Eligibility. Annual increase amount is calculated (3% of original pension amount)For questions regarding the administration of the plan, or a copy of the most recent Administrative Guide, please contact Members Benefits at 800-525-8056 or [email protected] will be able to find the "Members Only" area under "Membership" in the top main menu. IMRF's total revenue in 2022 was $(6. The formula to calculate a Tier 2 SLEP Plan pension is 2. Because Mary was eligible for other disability compensation, her monthly IMRF disability benefit was reduced to. The percentage is based on the total of: Employer contributions (. This is "Register for Member Access" by IMRF on Vimeo, the home for high quality videos and the people who love them. Are after tax, not tax-deferred. Check our social media pages — Facebook, Twitter and Linkedin for. He was Board President in 2016 and Board Vice President in 2022. This e-newsletter includes news and links to best inform employers and help them administer IMRF. 24/7 access to our online information including the most current benefits available to you, enrollment forms and more. The fastest and easiest way to manage your IMRF account is through our secure available 24 hours a day, seven days a week. IMRF provides local public employees & school districts with retirement, disability & death benefits. In 2023, the 13th Payment will be about 24. 00 per month for the first six months of retirement. Recent Illinois Pension Law Changes. However, if you have enough service credit to qualify for an IMRF pension we strongly discourage you from requesting a refund. Statements on the IMRF website are general, and the Illinois state law governing IMRF is complex and specific. Small Capitalization Equity Index described in this Request for Proposal (RFP). Executive Trustee since January 2013. When a topic applies to a certain group of employers, IMRF. IMRF members' and employers' rights and obligations are governed by Article 7 of the Illinois Pension Code. The most efficient ways to submit your nomination are through Secure Message in Member Access or attached to an email sent to IMRF at IMRFTrusteeElection@imrf. The contents of this Manual and its Board policies may be changed at any time. The current interest rate is 7. 62% of member payroll) and. Status: Active. IMRF Employers will elect one Executive Trustee who will serve a five-year term which will run from January 1, 2024, through December 31, 2028. You can also fax your form to us at 630-706-4289 or mail the form to us. IMRF members' and employers' rights and obligations are governed by Article 7 of the Illinois Pension Code. IMRF members' and employers' rights and obligations are governed by Article 7 of the Illinois Pension Code. This e-newsletter includes news and links to best inform employers and help them administer IMRF. The consistent, high interest rate of the VAC program make. Board of Trustees Policies. Documents. The IMRF website provides a brief summary of IMRF benefits and the administration of those benefits. Confirm the amount of contributions you made and the service credit you earned for that year, if any. And there is a link to the “ Members Only ” area in the footer of every page as well. orgSURS secure Member Website is the best tool to keep your personal information up to date. Transactions are securely and instantly transmitted to IMRF. WHEREAS, section 1-106 of the Pension Code provides for rollovers of eligible distributions. Receiving an IMRF retirement pension. Statements on the IMRF website are general, and the. maintained an actuarial funded status of about 98. 62% of member payroll) and. When a topic applies to a certain group of employers, IMRF. Check your member contributions on deposit and total IMRF service credit as of December 31 of the previous year. These commitments are part of IMRF’s Direct Lending, Opportunistic and. The most efficient ways to submit your nomination are through Secure Message in Member Access or attached to an email sent to IMRF at [email protected] statement provides your total contributions and service information. The funds are used to pay temporary and total and permanent disability benefits. Click on the Register link in the green box, in the upper right corner of the page. Profile. Complete and send an IMRF Member Information Change form. Section 2: Board Governance Policies. May 12, 2022. Any additional contributions and service credited. Board of Trustees Policies. This e-newsletter includes news and links to best inform employers and help them administer IMRF. For married members who file jointly. Brian Collins, Executive Director, and Mark Nannini, Chief Financial. September 22, 2023. The Domestic Equity Benchmark is currently 93% Russell 3000 Index, 7% FTSE Global Core Infrastructure 50/50 Index (Net). Get ready to unlock the full potential of IMRF’s new secure Employer Access website. As an IMRF member, there is a unique and highly effective savings vehicle available to you, to help supplement your retirement savings. Transactions are securely and instantly transmitted to IMRF. Enter the Registration Key from the letter sent to you by IMRF. to 4:30 P. In addition, the Board approved the Long-term Asset Allocation Policy and the Implementation Plan. We strongly recommend that you use your. Transactions are securely and instantly transmitted to IMRF. You can check this information against the W-2 your IMRF. Give notice that you intend to retire under ERI. org. You can safely update your beneficiaries, address, email and phone numbers. Call 1-877-610-3706 and follow the automated prompts. This e-newsletter includes news and links to best inform employers and help them administer IMRF. If a conflict arises between information in the IMRF website and the law, all decisions are based on the law. Your Annual Member Statement details your account transactions, including purchase of service information, for the previous calendar year. Kuehne is the Finance. If you don’t have a registration key, click "no" and follow the instructions. 75% for a regular plan benefit. 202-601-2445 . The IMRF website provides a brief summary of IMRF benefits and the administration of those benefits. Board of Trustees Policies. Join University of Illinois Extension to learn about the health benefits of making and keeping social connections and sharing our life stories as a way to connect with others. Successfully executed IMRF’s project to transition to online-only Member Statements. Nominating petitions will be accepted in the IMRF office in Oak Brook between August 1, 2022, and September 15. The IMRF website provides a brief summary of IMRF benefits and the administration of those benefits. Ballots will be mailed to Authorized Agents or governing bodies in October, and must be returned by the close of business at 4:30 PM CST, Friday, December 8, 2023. Complete the IMRF Transfer to State Employees Retirement System form. Annual increases begin whichever January first below is later: The January following your 67th birthday. Visit and click “Register” in the green box at the top right of the screen. IMRF's investments are ultimately set by the authority of the IMRF Board of Trustees. The fastest and easiest way to manage your IMRF account is through our secure available 24 hours a day, seven days a week. This e-newsletter includes news and links to best inform employers and help them administer IMRF. New Employer Access Coming this Fall. Check your member contributions on deposit and total IMRF service credit as of December 31 of the previous year. IMRF members' and employers' rights and obligations are governed by Article 7 of the Illinois Pension Code. If you want to better understand the nature of IMRF and why you are making contributions, this webinar is for you! An IMRF representative will explain how your pension is funded, your benefits as an IMRF member, and the importance of having more than one savings vehicle as you. The more service credit you have, the larger the amount of your pension will be. The Total Fund Benchmark is a blend of the asset class benchmark returns weighted by the target allocation for each asset class. Board of Trustees Policies. To make the learning process more convenient. Sharing an account to register for a course may disqualify your application. Call 1-800-ASK-IMRF to reach a Member Services Representative. org. Kuehne is the Finance. Board Resolution 2020-05-10(a), clarifies the separation of service requirements for IMRF retirees. You will need Form 1099-R when filling. You can apply for a refund online: Sign in to your Member Access account. Board of Trustees Policies. Section: About IMRF. IMRF members' and employers' rights and obligations are governed by Article 7 of the Illinois Pension Code. 201-220. This e-newsletter includes news and links to best inform employers and help them administer IMRF. for Original ECO Plan Members. Board Resolution 2005-10-05 (a) Establishes that the following adjustments shall be made when a retirement annuity is terminated or reduced pursuant to Section 7-219. Information for Employers Considering Participation. This note must include: Your signature. As Illinois’ second-largest pension plan, IMRF serves more than 442,000 members and more than 3,000 units of government, including counties, cities, towns,. Log in to your Member Access account today! Logging in to your Member Access account allows you to view your annual Statement of Benefits, 1099-R statement, 13th Payment. Member Access. The fastest and easiest way to manage your IMRF account is through our secure available 24 hours a day, seven days a week. Each June IMRF calculates the percentage of the 13th payment for that year.