Board Resolution 1995-12-24

Meeting room

Topic: Employers
Subtopic: Employer Contribution Rates: Phase-In
Date: 12/15/1995
Status: Active

Because of improvements to IMRF’s computer system (SPECTRUM), the Fund is able to track individual employment histories with employers. This change allows the Fund to identify employees who have service credit with other IMRF employers prior to retirement. Some IMRF employer rates will be affected due to the increased pension annuity available to employees with service credit in other IMRF employers.

It was agreed to cap increases, due to this change, to 2 percent of payroll for employers with less than 50 members and 1 percent of payroll employers with 50 or more members. The phase-in is to begin in 1997.