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� , • � • Exhibit 3 - Page 2 � <br /> EMPLOYER IMRF Eazly Retirement Incentive �I <br /> Subsequent L�#il offerings <br /> • An employer cannot adopt later ERI programs until the cost of the previous ERI is paid in full. <br /> • If an employer needs to unplement a second ERI program before the cost of the first program has <br /> been amortized,it may do so by accelerating the amortization period or by paying the remaining <br /> liability in a lump sum.The lump sum payment should be submitted to IMRF with IMRF Form <br /> 3.17,"Employer ERI Remittance form"(see following page). <br /> • An employer may offer a second ERI program once previous costs have been paid—regazdless of <br /> the time. <br /> • An employer must again have IMRF prepaze a cost estimate before a second ERI program can be <br /> adopted. <br /> Employer costs for the ERI <br /> • Once an employer adopts the ERI and a member retires under it,a sepazate ERI reserve account <br /> will be established. <br /> • Annually,the employer's ERI Reserve Account and amortization period is sent to IMRF's actuary. <br /> The actuary will calculate the employer's ERI rate based upon that information. Please note: <br /> Employer rates are on a two-year lag: 2003 information sent to the actuary is used to determine <br /> 2005 rates. If a member retires under ERI in 2003,the employer does not begin paying its ERI <br /> costs until 2005. <br /> • The Advance Rate Notice,which is mailed in March or April,and the Official Notice mailed in <br /> INovember,will include a breakdown of an employer's IMRF rate,including the�mployer's rate for � <br /> ERI liability.The employer rate will also include costs for retirement,death,disability,and <br /> supplemental retirement.The employer's contribution will equal the total rate times payroll. <br /> , <br /> 11 <br />