Board Resolution 2016-05-16(c)

Meeting room

Topic: Employers
Subtopic: SLEP Cost Studies
Date: 5/20/2016
Status: Active

WHEREAS, sections 7-198 and 7-183 of the Illinois Pension Code authorize the Board of Trustees of the Illinois Municipal Retirement Fund to make rules necessary or desirable for the efficient administration of the fund and to request information from any participating municipality or participating instrumentality; and

WHEREAS, the Board of Trustees has determined that an actuarial cost study is desirable before a municipality adopts the Sheriff’s Law Enforcement Employees plan (SLEP) for its eligible employees so that a fact based decision can be made; and

WHEREAS, IMRF will provide a municipality considering adopting SLEP for its eligible employees an actuarial cost study at no charge to the municipality; and

WHEREAS, the Board of Trustees has determined that an actuarial cost study shall be required before a municipality is permitted to adopt SLEP for its eligible employees.

NOW THEREFORE BE IT RESOLVED that before adopting the Sheriff’s Law Enforcement Employees plan for its eligible employees, a municipality must have IMRF prepare an actuarial cost study. BE IT FURTHER RESOLVED that a SLEP resolution adopted prior to an IMRF actuarial cost study shall not be given effect by IMRF.