Board Resolution 2005-11-06(c)

WHEREAS, the Illinois Pension Code 7-209(f) provides that the Board of Trustees shall fix the rate of interest to be charged on past service contributions and shall fix the method of computation to be used and the interest to be credited to employee and employer reserves, and

WHEREAS, past service contributions should be handled in an effective and efficient manner, and

WHEREAS, providing a uniform method of calculating interest on past service contributions will facilitate effective and efficient handling;

RESOLVED, that interest on past service contributions be charged for the periods specified as follows:

1. Reinstatements — from the date of refund to December 31 of the year prior to the payment date.
2. Retroactive — from the end of the retroactive period to December 31 of the year prior to the payment date.
3. Omitted — from the end of the omitted service period to December 31 of the year prior to the payment date. DELETED BY 2008-01-05(b)
4. Leave of Absence — from the end of the leave to December 31 of the year prior to the payment date.
5. Prior Service – charged in the same manner as interest is credited to member’s accounts to December 31 of the year prior to the payment date.
6. Out-of-State Service – from the end of the first 2 years of IMRF participation to December 31 of the year prior to the payment date.
7. Military Service under P.A. 90-448 – from the first date of IMRF participation to December 31 of the year prior to the payment date.
8. Military Service under federal law – from the end of the period of military service to December 31 of the year prior to the payment date.