HomeMy WebLinkAboutResolution #3611..
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RESOLUTION NO. 3611
A RESOLUTION TO ADOPT IMRF EARLY RETIREMENT INCENTIVE
WHEREAS, Section 7-141.1 of the Illinois Pension Code provides that a
pazticipating employer may elect to adopt an eazly retirement incentive program offered
by the Illinois Municipal Retirement Fund by adopting a resolution; and,
WHEREAS, the goal of adopting an eazly retirement program is to realize a
substantial savings in personnel costs by offering early retirement incentives to
employees who have accumulated many yeazs of service credit; and,
WHEREAS, implementation of the eazly retirement program will provide a
budgeting tool to aid in controlling payroll costs; and,
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF CANTON, Fulton County, Illinois as follows:
1. The City of Canton does hereby adopt the Illinois Municipal Retirement
Fund eazly retirement incentive program as provided in Section 7-141.1
of the Illinois Pension Code. The early retirement incentive program
shall take effect on June 24, 2002.
2. In order to help achieve a true cost savings, an employee who retires
under the eazly retirement incentive program shall lose those incentives if
he or she later accepts employment with any IMRF employer in any
position.
3. In order to utilize an eazly retirement incentive as a budgeting tool, the
City of Canton will use its best efforts either to limit the number of
employees who replace the employees who retire under the eazly
retirement incentive program or to limit the salaries paid to the employees
who replace the employees who retire under the early retirement
inventive program.
4. The effective date of each employee's retirement under this eazly
retirement incentive program shall be set by the City of Canton and shall
be no eazlier 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.
5. To be eligible for the early retirement incentive under this Section, the
employee must have attained age SO and have at least 20 years of
creditable service by his or her retirement date.
6. The City of Canton shall promptly file a certified copy of this resolution
with the Boazd of Trustees of the Illinois Municipal Retirement Fund.
7. That this Resolution shall be in full force and effect immediately upon its
passage by the City Council of the City of Canton, Fulton County, Illinois
and approval by the Mayor thereof.
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PASSED by the City Council of the City of Canton, Fulton County, Illinois at a
regular meeting this2lst day of MaY , 2002 upon a roll call vote.
AYES: Aldermen. Molleck, Hartford, Sarff, West, Carl, Meade, Shores,
Fillingh~n.
NAYS: None
ABSENT: None ,
Approved:
C
rry . Bohler, Mayor
Attest:
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Nancy White City Clerk