97-278 Resolution No. 97-278
RESOLUTION
TO ADOPT IMRF EARLY RETIREMENT INCENTIVE
WHEREAS, Section 7-141 . 1 of the Illinois Pension Code
provides that a participating employer may elect to adopt an
early retirement incentive program offered by the Illinois
Municipal Retirement Fund by adopting a resolution or
ordinance; and
WHEREAS, the goal of adopting an early retirement program
is to realize a substantial savings in personnel costs by
offering early retirement incentives to employees who have
accumulated many years of service credit; and
WHEREAS, implementation of the early retirement program
will provide a budgeting tool to aid in controlling payroll
costs; and
WHEREAS, the City Council of the City of Elgin has
determined that the adoption of an early retirement incentive
program is in the best interests of the City of Elgin.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF ELGIN, ILLINOIS:
Section 1 . The City of Elgin does hereby adopt the
Illinois Municipal Retirement Fund early retirement incentive
program as provided in Section 7-141 . 1 of the Illinois Pension
Code. The early retirement incentive program shall take effect
on January 1 , 1998 .
Section 2 . In order to help achieve a true cost savings,
an employee who retires under the early retirement incentive
program shall lose those incentives if he or she later accepts
employment with any IMRF employer in any position.
Section 3 . In order to utilize an early retirement
incentive as a budgeting tool, the City of Elgin will use its
best efforts either to limit the number of employees who
replace the employees who retire under the early retirement
incentive program or to limit the salaries paid to the
employees who replace the employees who retire under the early
retirement incentive program.
Section 4 . The effective date of each employee' s
retirement under this early retirement incentive program shall
be set by the City of Elgin and shall be no earlier than the
effective date of the program and no later than one year after
that effective date; except that the employee may require that
the retirement date set by the employer be no later than the
June 30 next occurring after the effective date of the program
and no earlier than the date upon which the employee qualifies
for retirement.
Section 5 . To be eligible for the early retirement
incentive under this Section, the employee must have attained
age 50 and have at least 20 years of creditable service by his
or her retirement date.
Section 6 . The City Clerk shall promptly file a certified
copy of this resolution with the Board of Trustees of the
Illinois Municipal Retirement Fund.
s/ Kevin Kelly
Kevin Kelly, Mayor
Presented: December 3, 1997
Adopted: December 3, 1997
Vote: Yeas 6 Nays 1
Attest:
s/ Dolonna Mecum
Dolonna Mecum, City Clerk