Board Resolution 2006-01-06(a)

Meeting room

Topic: Creditable Service
Subtopic: Prior Service Procedures
Date: 1/26/2006
Status: Active

WHEREAS, Section 7-184 of the Pension Code provides that the Board of Trustees shall determine the length of prior service from such information as is available; and

WHEREAS, Section 7-139 of the Pension Code allows 20% of an employee’s prior service, with a 5 year maximum, to be credited without an employee contribution; and 

WHEREAS, Section 7-198 of the Pension Code empowers the Board of Trustees to establish such rules and regulations not inconsistent with other provisions of the Pension Code as are deemed necessary or desirable for the efficient administration of the Fund. 

THEREFORE BE IT RESOLVED, that the following procedures for establishing prior service credit be adopted:

  1. The employer shall file Form 6.07, Application for Prior Service Credit, for each employee qualified to receive such credit. The Application shall require the employer to list the period during which the employee held an IMRF qualifying position and the employee’s earnings for the most recent 3 years.
  2. Based on the data furnished on Form 6.07, the Fund will determine eligibility for and the amount of credit to be granted without cost to the member and the amount available for purchase by the member, in accordance with the Pension Code.

The Fund shall furnish a Statement of Prior Service to each employee entitled thereto, with copies to the employer. The Fund shall also provide each employee with a payment schedule for the prior service for which member contributions are required.