| Topic: | ERI |
| Subtopic: | Mandatory Cost Studies |
| Date: | 2/22/2002 |
| Status: | Active |
WHEREAS, sections 7-198 and 7-183 of the Illinois Pension Code authorize the Board of Trustees of the Illinois Municipal Retirement Fund to make rules necessary or desirable for the efficient administration of the fund and to request information from any participating municipality or participating instrumentality; and
WHEREAS section 7-132 of the Illinois Pension Code requires all units of government considering joining IMRF to have an actuarial cost study prepared before participation is allowed; and
WHEREAS, the Board of Trustees has determined that an actuarial cost study is desirable before a municipality or participating instrumentality adopts the early retirement incentive allowed under section 7-141.1 of the Illinois Pension Code; and
WHEREAS, IMRF can assist a municipality or participating instrumentality considering adopting an early retirement incentive with an actuarial cost study at no charge to the municipality or participating instrumentality; and
WHEREAS, the Board of Trustees has determined that an actuarial cost study shall be required before a municipality or participating instrumentality is permitted to adopt the early retirement incentive allowed under section 7-141. of the Illinois Pension Code.
NOW THEREFORE BE IT RESOLVED that before adopting an early retirement incentive under section 7-141.1 of the Illinois Pension Code, a municipality or participating instrumentality must have IMRF prepare an actuarial cost study.
BE IT FURTHER RESOLVED that an ERI resolution adopted prior to an IMRF actuarial cost study shall not be given effect by IMRF.