topic Re: Thank you in Retirement tax questions

Does an IMRF qualify as an IRA for tax purposes?

sharonk52122 — Sat, 01 Jun 2019 06:39:36 GMT

I assume you're referring to the Illinois Municipal Retir...

RichardG — Sat, 01 Jun 2019 06:39:38 GMT

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.

Yes, It's an additional fund that functions as an IRA. It...

sharonk52122 — Sat, 01 Jun 2019 06:39:39 GMT

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

In that case treat your contributions as IRA contributions.

RichardG — Sat, 01 Jun 2019 06:39:41 GMT

In that case treat your contributions as IRA contributions.

Thank you

sharonk52122 — Sat, 01 Jun 2019 06:39:43 GMT

Thank you

Re: I assume you're referring to the Illinois Municipal Retir...

popa1125 — Mon, 17 Feb 2020 20:02:14 GMT

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

Re: Thank you

DMarkM1 — Mon, 17 Feb 2020 20:25:49 GMT

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.

Re: Thank you

dmertz — Mon, 17 Feb 2020 23:55:10 GMT

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