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' . <br /> to determine if there would be any salary and benefit savings to the City if the ERI program was <br /> adopted. The City's estimate compares the costs of the current workforce to new employees <br /> hired at a lower pay rate. The analysis also includes the payroll savings which would occur while <br /> the current positions are vacant, and the pension payment made to IMRF by the retiring ERI <br /> program employees. Please see E�ibit 4-A. The net savings over the ten year amortization <br /> period are approximately $3 million, after payment of the estimated $2.8 million to IMRF by the <br /> City. Additional schedules are provided in Exhibit 4 for amortization periods of 5,6,7,8 and 9 <br /> years. <br /> If the City Council adopts the ERI program, the City will ask IMRF to provide a retirement <br /> workshop for the eligible ERI program employees. The workshop will provide the city <br /> employees and their spouses an opportunity to learn more about the ERI program and to review <br /> financial considerations when contemplating early retirement. IMRF held a similar workshop <br /> for the ERI program eligible employees in 1997, and the feedback from that workshop was very <br /> favorable. <br /> POTENTIAL OBJECTION: <br /> City staff is not aware of any opposition to the attached resolution. <br /> INPUT FROM OTHER SOURCES : <br /> Illinois Municipal Retirement Fund <br /> STAFF REFERENCE: <br /> If the Council members have any questions they may contact Beth Couter, 424-2702, or e-mail <br /> at bbcouter@decaturnet.org <br /> BUDGET IMPLICATIONS: <br /> Estimated payroll savings of$3 million dollars during the next ten years. <br />