Board Resolution 2008-06-05

Meeting room

Topic: Retirement Benefit
Subtopic: Mandatory Direct Deposit
Date: 6/27/2008
Status: Active

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

WHEREAS, for the efficient administration of the Fund, it is desirable that pension payments be made via electronic funds transfer.

THEREFORE, the Board of Trustees approves mandatory direct deposit for annuitants under age 70, who began receiving benefits prior to July 1, 2003.