Illinois Municipal Retirment Fund
I have Quicken 2017 Premium for Windows and I think I realized why I quit using Quicken five years ago when I started working for an local government who mandates that I participate in IMRF, Illinois Municipal Retirement Fund, a defined benefit plan. As an employee I have a pretax payroll deduction that pays a portion of this pension. I also have an after tax voluntary deduction into a long term savings account. What I would like to do is to be able to record my payroll deductions so that I can track my portion of my IMRF contributions as well as my long term savings account. I have been told that this cannot be tracked. I was told that I could set it up as a 401(k) or 529, but why would I do that since the tax consequences are very different than a defined pension plan? It is an asset to me, as I will never lose any of my contributions. If I leave before I am vested, I won't be able to collect the employer contributions. If it cannot be tracked, how am I supposed to reconcile my annual IMRF statement to my W-2 (It is box 12D) and use the Quicken long term planning tools as well as my annual tax planner? I cannot believe that I am the only local government employee or similar who is trying to use Quicken who has a similar situation. Why hasn't an option been set up that is not a 401(k), Keogh, 529 account, etc.? More importantly, when will this be set up? How are others handling this at this time? So, so frustrated. Just trying to be proactive and organized and I have wasted a half of a Saturday.
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