Board Resolution 1992-03-16

Meeting room

Topic: IMRF Staff
Subtopic: Deferred Compensation Program
Date: 3/16/1992
Status: Active

WHEREAS, the Board approved IMRF employee participation in a deferred compensation program established by the International City Management Association Retirement Corporation (ICMA) by resolution adopted April 29, 1977; and

WHEREAS, that resolution limits employee participation in a deferred compensation program offered solely by ICMA; and

WHEREAS, deferred compensation programs are offered by other organizations, including the United States Conference of Mayors as administered by the Public Employee Benefit Services Corporation (PEBSCO); and

WHEREAS, the Board finds that the ability of IMRF employees to participate in a deferred compensation program of their choice would motivate employees to voluntarily set aside and invest portions of their current income to meet their future financial requirements.

NOW, THEREFORE BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE ILLINOIS MUNICIPAL RETIREMENT FUND.

  1. The Executive Director is hereby authorized to investigate and select additional deferred compensation programs for IMRF employee participation.
  2. The Executive Director is hereby authorized to execute or terminate all participation agreements and investment agreements required to implement or cancel current or additional deferred compensation programs and to act as the administrator of such programs.