Together, we invest for your future.
Employees at Culbertson Memorial Hospital are eligible for a retirement plan through the Illinois Municipal Retirement Fund that starts immediately upon employment. This is a defined benefit plan that offers lifelong protection for Culbertson employees.
The plan is available in two tiers:
- Tier 1 — Fully vested with eight years of service, earliest retirement age is 55.
- Tier 2 — Fully vested with 10 years of service, earliest retirement age is 62.
In addition, defined benefit pension plans act as an “automatic stabilizer” for the economy. Even in tough times, retirees with a reliable pension can maintain spending on basic needs. Short-term disability insurance and death benefit paid to beneficiaries are also included in the plan.
By offering secure defined benefit pensions for municipal workers, IMRF hopes to help healthcare workers remain financially independent when they retire as well as help minimize the likelihood of becoming financially dependent on government programs or family members. IMRF aims to be 100% funded, meaning having all money on-hand to pay for the benefits of current and future retirees. IMRF is roughly 94.1% funded, making it the best-funded statewide retirement system in Illinois.