Quick Benefits Estimator (from 2018 forward)
This calculator provides an estimate of the retirement benefit payable for participants joining the ILPF , and retiring at the normal retirement age of 65. The calculator uses a flat weekly contribution rate. For those who contribute, or are considering contributing, a percentage of gross pay, convert that percentage to a flat dollar value for use in the calculator. For example, if you earn $500 per week gross and contribute 5% of your gross pay, 5% of $500 is equal to $25; you would enter $25 into the weekly contribution field. Similarly, if you earn $625/week and want to know the expected benefit at a 7% of gross payroll contribution rate, multiply $625 by 7% to get $43.75, and use $43.75 in the calculator.
After entering your age and weekly contribution amount, the calculator will compute the total dollar amount you would contribute between now and a normal retirement age of 65. Below that, is the estimated monthly benefit that would be paid based on the variables you entered (the figures may vary slightly from actual due to the fact that the calculator doesn't take into account your birth date). The bottom right figure represents the total cumulative amount you would receive if you were to retire at 65 and collect benefits for 20 years. For most ILPF participants, this last figure is many multiples of the amount they actually contributed (top right figure). In fact, most ILPF participants begin to collect benefits in excess of their actual contributions after just 58 months of retirement.
Contact the Fund to request a written estimate.
Computing Member Benefits
Each $260.00 of contributions by a member is a "UNIT" and is equal to one year of contributions at the minimum weekly contribution of $5.00. The value of each full "UNIT" is 1.75% of contributions.
When benefits are computed, credit is given for fractional parts of a full unit after the initial unit. Most participating locals have adopted contribution levels greater than the $5 minimum weekly contribution, which means members in these locals are building up their accounts by more than one unit per year.