| Topic: | Employers |
| Subtopic: | Reserves - Disability Reserve |
| Date: | 1/26/2006 |
| 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, section 7-205.1 of the Illinois Pension Code requires the Fund to establish reserves for disability benefits; and
WHEREAS, section 7-206 of the Illinois Pension Code requires the Fund to establish reserves for death benefits; and
WHEREAS, it is desirable that the Board of Trustees establish balance requirements for these reserves.
Therefore, be it resolved that contribution rates for death and disability purposes shall be established so as to provide a reserve at the end of each year of approximately 100% of annual expenditures.