Topic: | Earnings |
Subtopic: | Elected County Official Stipends |
Date: | 8/27/2010 |
Status: | Active |
WHEREAS, section 7-198 of the Illinois Pension Code authorizes the Board of Trustees of the Illinois Municipal Retirement Fund to establish rules necessary or desirable for the efficient administration of the Fund; and
WHEREAS, P.A. 96-0961 amends sections 7-142 and 7-142.1 of the Pension Code to allow certain elected county officials to adjust their IMRF earnings record to reflect state stipends not funded or paid during the State of Illinois FY 2010; and
WHEREAS, this adjustment will be an increase, up to the amount of the statutory stipend, in the earnings record of the elected official for the month in which the partial FY 2010 stipend was reported to IMRF; and
WHEREAS, P.A. 96-0961 requires an elected county official to pay for this adjustment by making member and employer contributions on the amount of the increase in the reported earnings; and
WHEREAS, P.A. 96-0961 requires the Board of Trustees to determine the amount of the "employer's normal cost of the benefit" needed in the payment for the adjustment to earnings.
NOW THEREFORE BE IT RESOLVED by the Board of Trustees of the Illinois Municipal Retirement Fund that the "employer's normal cost of benefit" for purposes of the employer contributions to be paid by an elected county official for the correction to the official's IMRF earnings record, per P.A. 96-0961, shall be the IMRF normal cost rate for the year the partial stipend was reported to IMRF.