Board Resolution 2020-07S-04(a)

Meeting room

Topic: Rescinding Resolutions
Subtopic: Rescinding Obsolete and Outdated Resolutions
Date: 7/30/2020
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, the Board of Trustees has previously adopted Resolution 2012-07-06 which established the policy that employers may not adopt an Early Retirement Incentive program earlier than five years after the close of a previous Early Retirement Incentive program; and

WHEREAS, this policy reflected an interpretation of Section 7-141.1 of the Illinois Pension Code; and

WHEREAS, the Board no longer believes that this policy best serves the member and employers of IMRF; and

WHEREAS, it is appropriate that this resolution be rescinded.

NOW THEREFORE BE IT RESOLVED that Board Resolution 2012-07-06 be and is hereby rescinded.