| Topic: | IMRF Staff |
| Subtopic: | IMRF Staff 457 Plan |
| Date: | 3/20/2020 |
| 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, under sections 7-121, 7-186, 7-189, and 7-190 of the Pension Code, the Board of Trustees is the governing body of IMRF and the employer of the IMRF staff; and
WHEREAS, the Board of Trustees has previously established a 457 Plan administered by ICMA-RC for IMRF staff; and
WHEREAS, the established ICMA-RC 457 Plan must periodically be renewed in order to continue administration of the Plan; and
WHEREAS, the Fund may reduce administrative costs of the Plan upon renewal of the contract for a period of five years.
NOW THEREFORE BE IT RESOLVED that the ICMA-RC contract for administration of a 457 Plan for the employees of the Board of Trustees of the Illinois Municipal Retirement Fund is hereby extended for a period of five years, subject to satisfactory legal diligence on the legal contract. The amendment shall reflect the new administration fee of 9.5 basis points.
BE IT FURTHER RESOLVED that the Executive Director is hereby authorized and directed to take such further action as may be necessary or advisable to effectuate this Resolution.