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<br /> IMRF --- Early Retirement Incentive Program ( ERI) EXHIBIT 4 ��
<br /> 8 YEAR PAYBACK PERIOD Increased Savings
<br /> Pension or(Increase)
<br /> Year Description of Savings Savinqs Costs IMRF costs
<br /> 2004 Employees Payments for Service Years $266,914
<br /> Vacancy Savings till new employees hired $636,879
<br /> Savings due to new employees hired at lower rates $832,189
<br /> $1,735,982 0 (1) $1,735,982
<br /> 2005 Savings due to new employees hired at lower rates $319,877 0 (1) $319,877
<br /> 2006 Savings due to new employees hired at lower rates $328,723 339,208 (2) ($10,485)
<br /> 2007 Savings due to new employees hired at lower rates $337,835 339,208 ($1,373) �,
<br /> 2008 Savings due to new employees hired at lower rates $347,220 339,208 $8,012 ,
<br /> 2009 Savings due to new employees hired at lower rates $356,886 339,208 $17,678
<br /> 2010 Savings due to new employees hired at lower rates $366,843 339,208 $27,635
<br /> 2011 Savings due to new employees hired at lower rates $377,098 339,208 $37,890
<br /> 2012 Savings due to new employees hired at lower rates $387,661 339,208 $48,453
<br /> 2013 Savings due to new employees hired at lower rates $398,541 339,208 $59,333
<br /> $4,956,666 $2,713,664 $2,243,002
<br /> (1) Per IMRF guidelines the increased retirement costs due to ERI are reflected in future IMRF employer
<br /> contribution rates and will be reflected in the second calendar's rate. For example, if the City adopts ERI
<br /> in 2004, the first costs will begin to be reflected in the 2006 employer rate.
<br /> (2) IMRF assumes only the first year-the actual could be more or less in later years depending upon
<br /> interest earned or charged, prepayments by the City, and any legislative changes.
<br /> Currently the IMRF Fund has beginning fund balance savings of $1,090,000 which also could be used to
<br /> to pay the ERI pension liability.
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