Board Resolution 2006-02-05(a)

Meeting room

Topic: Employers
Subtopic: Benefits Payment-Corrections
Date: 2/27/2006
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, IMRF retirement benefits and, if necessary, disability benefits under Schedule A of the Agenda are paid on an estimated basis until final payroll reports and documents are filed and are subject to later correction, if necessary, and

WHEREAS, corrections are reported on Schedule B, broken down by benefit type, showing current and prior approval dates.

THEREFORE BE IT RESOLVED that all corrections to estimated payments after final payrolls and documents are filed shall be computed retroactively to the effective date of the benefit, and so reported to the Board in Schedule B of the Agenda and payment thereof is authorized when computed, but subject to Board approval of Schedule B.

BE IT FURTHER RESOLVED that corrections due to purchase of service after the effective date of the benefit shall be computed and paid prospectively on the first benefit payment date after the date of the purchase, and shall be reported to the Board in Schedule B of the Agenda.