This area of the Village of Hoffman Estates website provides a collection of resources for Village employees.
Use the side navigation to the left to find information on:
- Benefits Information
- Collective Bargaining Agreements
- Employee Access Center (EAC)
- Job Descriptions
- Open Enrollment
- Personnel Policy Manual
|**IMPORTANT IMRF INFORMATION**|
In December 2018, the IMRF Board of Trustees reduced the return it assumes it will earn on IMRF's investment portfolio from 7.5% to 7.25%. This change affects IMRF employers and members in certain ways.
IMRF members may make voluntary additional contributions (VAC) to supplement their standard IMRF pension. Interest paid on VAC is linked to the IMRF assumed rate of return. Therefore, a decrease to the assumed rate of return lowers the rate of interest earned on VAC. IMRF credits VAC interest on December 31 each year, based on the VAC in the member's account on January 1 of the same year. Interest credited on December 31, 2018, was 7.5%, but due to the assumed rate of return change, interest credited on December 31, 2019, will be 7.25%. IMRF will inform members with VAC on file of the interest rate change.
Additionally, in certain circumstances, members may purchase IMRF past service credit. When members purchase additional past service credit, interest is included in calculating the amount owed. The amount of interest paid it linked to the assumed rate of return. As a result, an interest rate of 7.25% will be charged on past service purchases for service starting January 1, 2019, or later.
Read more about the effects of the assumed rate of return reduction on IMRF employers and members here.