Board Resolution 1995-05-26

Meeting room

Topic: ERI
Subtopic: IMRF Staff
Date: 5/26/1995
Status: Active

WHEREAS, 40 ILCS 5/7-141.1 of the Illinois Pension Code provides that a participating employer may adopt an early retirement incentive program through the Illinois Municipal Retirement Fund by adopting a resolution; and

WHEREAS, the goal of adopting an early retirement program is to realize a substantial savings in personnel costs by offering early retirement incentives to employees who have accumulated many years of service credit; and

WHEREAS, implementation of the early retirement program will provide a budgeting tool to aid in controlling payroll costs; and

WHEREAS, the Board of Trustees of the Illinois Municipal Retirement fund has determined that the adoption of an early retirement incentive program is in the best interests of the Illinois Municipal Retirement Fund; therefore be itRESOLVED by the Board of Trustees of the Illinois Municipal Retirement Fund that:

  1. The Illinois Municipal Retirement Fund does hereby adopt the Illinois Municipal Retirement Fund early retirement incentive program as provided in 40 ILCS 5/7-141.1 of the Illinois Pension Code. The early retirement incentive program shall take effect on the date it becomes law.
  2. In order to help achieve a true cost savings, an employee who retires under the early retirement incentive program shall lose those incentives if he or she later accepts employment with any IMRF employer.
  3. In order to utilize an early retirement incentive as a budgeting tool, the Illinois Municipal Retirement Fund will use its best efforts either to limit the number of employees who replace the employees who retire under the early retirement incentive program or to limit the salaries paid to the employees who replace the employees who retire under the early retirement incentive program.
  4. The effective date of each employee’s retirement under this early retirement incentive program shall be set by the Illinois Municipal Retirement Fund and shall be no earlier than the effective date of the program and no later than one year after that effective date; except that the employee may require that the retirement date set by the employer be no later than the June 30th next occurring after the effective date of the program and no earlier than the date upon which the employee qualifies for retirement.
  5. To be eligible for the early retirement incentive under this Section, the employee must have attained age 50 and have at least 20 years of creditable service by his or her retirement date.
  6. The Secretary shall promptly file a certified copy of this resolution (ordinance) with the Board of Trustees of the Illinois Municipal Retirement Fund.