Every year, before the first January payroll, schools in Illinois must update their IMRF benefit rate so that the correct amount of benefits will show on the Payroll Liabilities page.
Find your new rate
Update payroll items in SchoolInsight
Find your new rate
New IMRF rates are usually announced in late November and can be found on the Dashboard of the IMRF website.
To find IMRF Final Rate information:
- Login to IMRF’s Employer Access area
- Click on the gear icon in the toolbar on the left side of the Employer Access homepage
- Partner Information
- Open the Contributions tab.
- Click on the sort icon next to Effective Date and enter the 01-01 to 12-31 of the new year
- Add each of the components shown in the right column under Contribution Rate to determine your preliminary rate
Update payroll items in SchoolInsight
Once you know the new rate, and after your December payroll runs are finished, you will need to edit the District Payroll Item and mass edit Employee Payroll Items. Failure to complete the Mass Edit properly will result in incorrect data on the payroll run.
To update your IMRF rate:
- Go to Financials Main > Payroll > District Payroll Items
- Find your IMRF employer payroll item
- Click edit out of the dropdown menu
- Update the Contribution Rate field
- Tip: Enter this number as a decimal smaller than 1, e.g. 5.47% should be entered as 0.0547
- Save & Mass Edit Employee Payroll Items
- Check the box beside the contribution rate you just updated
- Select all employees, templates, and draft payroll runs in January (if they exist) in order to update them
- Save