HomeMy WebLinkAbout03-254 Resolution No. 03-254
RESOLUTION
TO ADOPT AMORTIZATION PERIOD FOR IMRF EARLY RETIREMENT INCENTIVE
WHEREAS, on September 24 , 2003 the City Council of the City
of Elgin adopted Resolution No. 03-253 which established an
early retirement incentive (incentive) through the Illinois
Municipal Retirement Fund for its employees; and
WHEREAS, Section 7-141 . 1 of the Illinois Pension Code
provides that a participating employer may select an
amortization period for the actuarial costs of the incentive
which may be no less than 5 years and no greater than 10 years;
and
WHEREAS, the City of Elgin is prohibited from adopting a
subsequent incentive until the actuarial costs of the previous
programs are paid.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF ELGIN, ILLINOIS, that the City of Elgin does hereby
request the Illinois Municipal Retirement Fund to amortize the
cost of the incentive over a period of six years .
s/ Ed Schock
Ed Schock, Mayor
Presented: September 24 , 2003
Adopted: September 24 , 2003
Omnibus Vote: Yeas : 6 Nays : 0
Attest :
s/ Dolonna Mecum
Dolonna Mecum, City Clerk