HomeMy WebLinkAboutResolution #3613RESOLUTION NO. 3613
A RESOLUTION TO ADOPT AMORITZATION PERIOD FOR IMRF EARLY
RETIREMENT INCENTIVE
WHEREAS, on this 21st day in May , 2002 the City Council of the
City of Canton adopted Resolution No. 3613 which established an eazly retirement
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 actuazial costs of the
incentive which may be no less than 5 yeazs and no greater than 10 yeazs; and,
WHEREAS, the City of Canton is prohibited from adopting a subsequent
incentive until the actuarial costs of the previous programs aze paid.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF CANTON, Fulton County, Illinois that the City of Canton does hereby request
the Illinois Municipal Retirement Fund to amortize the cost of the incentive over a period
of 10 yeazs.
PASSED by the City Council of the City of Canton, Fulton County, Illinois at a
regular meeting this 21st day of Mav , 2002 upon a roll call vote
as follows.
AYES: Al,der~z Molleck, Hartford, Sarff, West, Carl, Meade, Shores,
Fillingham.
NAYS: None.
ABSENT: None.
Approved:
Je . Bohler, Mayor
Attest:
~7 r~'1't.~~,X~4/
Nancy Whit ,City Clerk