Board Resolution 2011-08-11

Meeting room

Topic: Retirement Benefit
Subtopic: IRS requirements, Normal Retirement Age
Date: 8/11/2011
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, section 7-141 of the Pension Code provides for eligibility for a retirement annuity for participants in the regular IMRF and the Sheriff's Law Enforcement employees plans; and

WHEREAS, section 7-145.1 of the Pension Code provides for eligibility for a retirement annuity for participants in the Elected County Officers' plan; and

WHEREAS, section 1-160 provides for eligibility for a retirement annuity for participants in a regular IMRF plan and the Elected County Officers' plan joining IMRF on or after January 1, 2011; and

WHEREAS, it is necessary to adopt a rule for the efficient administration and clarification of sections 7-141, 7-145.1, and 1-160.

THEREFORE BE IT RESOLVED that the following administrative rule be and is hereby adopted by the Board of Trustees:

Rule on Normal Retirement Age

For purposes of compliance with the Internal Revenue Code and related guidance, the normal retirement benefit, which is the benefit calculated under 40 ILCS 5/7-141 (General and Sheriff's Law Enforcement members) or 40 ILCS 5/7-145.1 (Elected County Officer members) or 40 ILCS 5/1-160 (members hired on/after January 1, 2011), is nonforfeitable upon attainment of normal retirement age, which is:

Any retirement benefit is only payable after a separation from service with all participating municipalities and instrumentalities and is subject to the provisions of the Illinois Pension Code Articles 1 and 7.