R2003-138 AUTHORIZING ADOPTIONS OF IMRF

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� ' . RESOLUTION NO. R2003-128 � RESOLUTION AUTHORIZING ADOPTIONS II OF IMRF (EMPLOYER I.D.#3340) EARLY RETIREMENT INCENTIVE PROGRAM WHEREAS, Section 7-141.1 of the Illinois Pension Code provides that a participation employer may elect to adopt an early retirement incentive program offered by the Illinois Municipal Retirement Fund by adopting a resolution or ordinance; and WHEREAS, the goal of adopting an early retirement program is to realize a substantial savings in personnel costs by offering early retirement incentives to employees who have accumulated many years of service credit; and, WHEREAS, IMRF has prepared an actuarial estimate of the cost of an eazly retirement program for the City of Decatur, Illinois, and WHEREAS, the City Council of Decatur, Illinois has reviewed the cost estimate and deternuned that the adoption of an early retirement incentive program is in the best interests of the City of Decatur, Illinois. NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF DECATUR, ILLINOIS: Section 1. The City of Decatur, Illinois does hereby adopt the Illinois Municipal Retirement Fund early retirement incentive program as provided in Section 7-141.1 of the Illinois Pension Code. The early retirement incentive program shall take effect on January 1, 2004. Section 2. In order to help achieve a true cost savings, an employee who retires under the early retirement incentive program shall lose those incentives if he or she later accepts employment with any IMRFemployer in any position. Section 3. In order to utilize an early retirement incentive as a budgeting tool, the City of Decatur, Illinois will use its best efforts either to limit the number of retiring employees replaced or to limit the salaries paid to the replacement employees.