Employers can customize the ERI to the financial circumstances of their own unit of local government. This flexibility is provided by allowing employers to determine the amount of time needed to pay off the incurred pension liability.
An amortization period of 10 years is assumed. Amortization of the incurred pension liability can take no longer than 10 years and no less than five years. If an employer would like an amortization period of other than 10 years, it would submit a resolution to about that period. (Refer to Exhibit 6LL, IMRF Form 6.78, "Suggested form of Resolution to Adopt Amortization Period for IMRF Early Retirement Incentive.")
Please note: due to the method IMRF uses to calculate employer contribution rates, only whole year (5, 6, 7, 8, 9, 10) amortization periods are allowed.
The amortization period resolution should be received in the IMRF office no later than six months from the effective date of the employer's ERI program. If no resolution is received, a 10-year amortization period will be assumed. If an employer would like an amortization period of less than 10 years, it would submit IMRF Form 6.78, "Suggested form of Resolution to Adopt Amortization Period for IMRF Early Retirement Incentive."
Download and Print Form 6.78