| Topic: | Earnings |
| Subtopic: | Overtime for SLEP Tier 2 |
| Date: | 2/25/2011 |
| 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. 96-1495 amended the IMRF sheriff's law enforcement employees plan for members beginning participation on or after January 1, 2011; and
WHEREAS, P.A. 96-1495 added subsections 7-142.1(f), (g), (h), (i), and (j) to Article 7 of the Pension Code; and
WHEREAS, subsection 7-142.1(f) provides, in part, that "for all purposes under this Code (including without limitation the calculation of benefits and employee contributions), the annual earnings of a sheriff's law enforcement employee to whom this Section applies shall not include overtime..." (emphasis added); and
WHEREAS, it is necessary that the Board of Trustees define "overtime" for purposes of administering subsection 7-142.1(f).
NOW THEREFORE BE IT RESOLVED that "overtime" as used in section 7-142.1(f) shall mean any compensation paid for hours worked in excess of a standard workday or workweek.
BE IT FURTHER RESOLVED that "overtime" as used in section 7-142.1(f) 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").