Board Resolution 1962-5395

Meeting room

Topic: Eligibility
Subtopic: Participation in IMRF/Employer: Township School Treasurers
Date: 11/30/1962
Status: Inactive

WHEREAS, township school district trustees were included and considered participating instrumentalities of school districts served by such trustees, and

WHEREAS, such participating instrumentalities have been abolished in counties of less than 180,000 population effective July 1, 1954 and in counties of less than 1,000,000 population effective July 1, 1962, and

WHEREAS, the Illinois Municipal Retirement Fund Act does not specifically provide for a basis of allocating the assets and liabilities of such abolished instrumentalities, be it therefore

RESOLVED, that such assets and liabilities be allocated among each of the school districts served on the basis of the funds of each school district handled by the township school treasurer in the school year immediately preceding the abolishment of such offices, except that if the total employee credits to be allocated to any one school district is less than $50.00, then its portion will be allocated among the remaining school districts.