Board adopts resolution regarding
overtime for SLEP Tier 2
Under SLEP Tier 2, compensation used to calculate a pension does not include
overtime.
The Board adopted a resolution (2011-02-09) regarding overtime for SLEP Tier
2. The resolution states, “that "overtime" …shall mean
any compensation paid for hours worked in excess of a standard workday or workweek” and “ that "overtime" … shall
also include any cash outs for time accrued due to hours worked in excess of
a standard workday or workweek (commonly called "comp time").
Legislative Update
Legislative Liaison Bonnie Shadid reported that several bills affecting IMRF
have been introduced since the last Legislative Update was distributed. The
introduction deadline for new legislation has now passed in both chambers,
although new proposals can still be introduced as amendments.
Dick DeCleene presented the 2012 projection report
in which he recommended the:
Average death benefit rate be increased from 0.16% of payroll for 2011
to 0.20% of payroll for 2012
Disability rate be maintained at 0.13% of payroll
in 2011.
In the report
Dick also estimated that:
In 2011, benefit payments will exceed member and employer contributions
by $185 million. This compares to an expected 2010 shortfall of $115
million. (Although the amount IMRF collects in contributions from members
and employers is less than what it pays out in benefits, income from
dividends and interest exceeds the amount needed to cover the shortfall.)
For 2010, IMRF will credit approximately $1.8 billion to employer
reserves due to investment gains of 13% in 2010. On average, employers
will be credited with 27% credit on their beginning of the year reserve
balance.
The 2011 Supplemental Benefit Payment (“13th Payment”)
will equal approximately 45% of a retiree's June 2011 benefit.
The 2011 IMRF Trustee Roundtable is scheduled for Thursday, September
22, 2011. The location and agenda will be discussed and determined by the
Board.
The Roundtable is designed to provide the Trustees an opportunity to review
and discuss pension-related topics, as well as items specific to IMRF,
in greater detail than time allows during a regular Board Meeting. The
format of the IMRF Roundtable has evolved over the past 15 years. Our initial
Roundtables focused on investment and economic topics. We later added operational
topics, including technology, communications, customer service, and strategic
planning topics.
Topics for the 2011 Roundtable will be discussed at future meetings.
IMRF Online provides
a brief summary of IMRF benefits and the adminstration of those benefits.
IMRF members'
and employers' rights and obligations are governed by
Article
7
of the Illinois Pension Code.
Statements in these publications are general,
and the Illinois state law governing IMRF is complex and specific.
If a
conflict arises between information in these publications and the law, all
decisions are based on the law.
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