Board Resolution 2010-02-07(b)

Meeting room

Topic: Creditable Service
Subtopic: Crediting Past Service/Service Credit Transfers
Date: 2/7/2010
Status: Active

WHEREAS, Section 7-198 of the Illinois Pension Code authorizes the Board of Trustees of the Illinois Municipal Retirement Fund to establish rules necessary or desirable for the efficient administration of the Fund; and

WHEREAS, Section 7-139(c) of the Illinois Pension Code requires corrections to a member’s service credit to be made upon payment of the required employee contributions “in a lump sum or in installments made in accordance with board rule;” and

WHEREAS, IMRF has adopted a unit payment system for calculating the cost and crediting payments for past service purchases on a month by month basis.

NOW, THEREFORE, BE IT RESOLVED that the Board of Trustees adopts the following policy regarding purchases of past service credit and service credit transfers: