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New Member
posted May 31, 2019 11:39:36 PM

Does an IMRF qualify as an IRA for tax purposes?

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7 Replies
New Member
May 31, 2019 11:39:38 PM

I assume you're referring to the Illinois Municipal Retirement Fund.  These public pension plans usually do not offer IRA accounts.  However, your contributions to the plan may qualify for the retirement savings credit. 

New Member
May 31, 2019 11:39:39 PM

Yes, It's an additional fund that functions as an IRA. It's separate from our pension.

New Member
May 31, 2019 11:39:41 PM

In that case treat your contributions as IRA contributions.

New Member
May 31, 2019 11:39:43 PM

Thank you

Level 1
Feb 17, 2020 12:02:14 PM

I need to know is this a qualified retirement plan? yes or no

Expert Alumni
Feb 17, 2020 12:25:49 PM

If it is an IRA account then it is qualified.  The main difference between qualified and non-qualified plans is the qualified plan has pre-tax contributions and/or some kind of tax deferred mechanism.  Non-qualified plans are after-tax.  Here is a link with more discussion on the other differences.  

Level 15
Feb 17, 2020 3:53:03 PM

A retirement plan provided by IMRF is generally a qualified retirement plan but it is certainly not an IRA.