Topic: | Retirement Benefit |
Subtopic: | IRS requirements, Normal Retirement Age |
Date: | 8/11/2011 |
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 7-141 of the Pension Code provides for eligibility for a retirement annuity for participants in the regular IMRF and the Sheriff's Law Enforcement employees plans; and
WHEREAS, section 7-145.1 of the Pension Code provides for eligibility for a retirement annuity for participants in the Elected County Officers' plan; and
WHEREAS, it is necessary to adopt a rule for the efficient administration and clarification of sections 7-141 and 7-145.1.
THEREFORE BE IT RESOLVED that the following administrative rule be and is hereby adopted by the Board of Trustees:
Rule on Normal Retirement Age
For purposes of compliance with the Internal Revenue Code and related guidance, the normal retirement benefit, which is the benefit calculated under 40 ILCS 5/7-141 (General and Sheriff's Law Enforcement members) or 40 ILCS 5/7-145.1 (Elected County Officer members), is nonforfeitable upon attainment of normal retirement age, which is:
- For General members, age fifty-five (55) or the completion of eight years of service, whichever is later;
- For Sheriff's Law Enforcement members, age fifty (50) and the completion of twenty (20) years of service, whichever is later;
- For Elected County Officer members, age fifty-five (55) and the completion of eight (8) years of service, whichever is later;
- For general members and Elected County Officer members hired on/after January 1, 2011, age sixty-two (62) and the completion of ten (10) years of service, whichever is later.
Any retirement benefit is only payable after a separation from service with all participating municipalities and instrumentalities and is subject to the provisions of the Illinois Pension Code.