HomeMy WebLinkAboutResolution #3612RESOLUTION NO. 3612
A RESOLUTION APPROVING THE CITY OF CANTON TO CONTRIBUTE TO
THE IMRF EARLY RETIREMENT INCENTIVE DURING A DESIGNATED
PERIOD.
WHEREAS, the City of Canton has approved a resolution adopting an IMRF
eazly retirement program; and,
WHEREAS, the goal of adopting an eazly retirement program is to realize a
substantial savings in personnel costs by offering eazly retirement incentives to
employees who have accumulated many yeazs of service credit; and,
WHEREAS, implementation of the early 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 will offer an IMRF eazly retirement bonus
as specified below:
1. The City agrees to pay 50% of the employee cost to participate in the ERI
program up to a maximum of $5,000.
2. Employees who are eligible and who accept this bonus must submit their
letter of resignation by June 24, 2002 to be effective on September 30,
2002.
3. The City also agrees to pay the accrued vacation, personal days and sick
days that these individuals have earned in an equitable manner over their
last four months of employment.
4. 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.
PASSED by the City Council of the City of Canton, Fulton County, Illinois at a
regulaz meeting this 21st day of May , 2002 upon a roll call vote.
AYES: Alderman Fillingham, Shares , Meade, Carl, West, Sarff , Hart-
ford, Nbllecl~:.
NAYS: None.
ABSENT: Nane.
Approved:
~,-
J rry . Bohler, Mayor
Attest:
Nancy Whites, ty Clerk