Board Resolution 1966-6468

Meeting room

Topic: Employers
Subtopic: Junior College Transfer
Date: 4/28/1966
Status: Active

WHEREAS, certain independent junior college districts participating in IMRF are not being classified as Class 1 and therefore becoming subject to the Universities Retirement System under the provisions of HB 1717, 74th G.A., and

WHEREAS, employee and municipality accumulation balances must be transferred to the Universities Retirement System, therefore be it

RESOLVED, that the Executive Director be authorized to transfer the employee credits (including interest through the last complete calendar year) accumulated by virtue of service under the junior college district only, provided that employees who apply for separation refunds shall be treated as terminated employees and paid refunds in the usual manner, and be it further

RESOLVED, that the Executive Director shall transfer the accumulated reserve balance (including interest credited through the last complete calendar year) of the district to the University Retirement System, and be it further

RESOLVED, such transfers shall be made after receipt of certified copies of the final minutes of the dissolved Class II district and acknowledgement thereof by the Illinois Junior College Board, and be it further

RESOLVED, that copies of such documents shall be furnished to the State Social Security Administrator together with notice to him that such districts are not longer considered entities under IMRF and that accordingly no further responsibility will be assumed by IMRF for coverage of the earnings of their employees for Social Security purposes.