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Training Tidbit: For Illinois school districts, did you update your IMRF deduction in Payroll?

For Illinois school districts, the limit for IMRF (Illinois Municipal Retirement Fund) increased effective January 1, 2024.  If your IMRF deduction is defined with a Deduction Upper Limit (in the Limits section on the Rate Table tab within the Deduction File), update the upper limit for the new year as applicable.  For Tier 1 members, the new limit for 2024 is $345,000, and for Tier 2 members, the new limit is $125,773.73.

Also, if the employer rate for the IMRF deduction increased effective January 1, 2024, and your retirement deduction for IMRF is set up in a rate table in the Deduction File, complete the following steps to update your records with the new employer rate:

  • In the Deduction File, bring up the IMRF retirement deduction.
  • Click the Rate Table tab.
  • In the Deduction Rates section, enter the new rate for the employer in the Employer Rate field.  Refer to the letter sent to your school district by the Retirement Office for the exact employer rate to enter here.
  • Click the Save button to save the changes.

Tip:  The employee rate for IMRF remains at 4.5%.