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. , <br /> FINANCIAL MANAGEMENT DEPARTMENT <br /> #2000 - 17 <br /> August 16, 2000 <br /> MEMO TO: The Honorable Mayor and City Council Members <br />' FROM: Steve Garman, City Manager <br /> Beth Couter, Director of Financial Management �� <br /> SUBJECT: IMRF Early Retirement Incentive Program <br /> We recently received a letter from the Illinois Municipal Retirement Fund requiring each <br /> Illinois municipality who adopted the Early Retirement Incentive (ERI) Program to formally <br /> declare an amortization period for the program of not less than five years and no more than ten <br /> years. We have been making payments based on a five year amortization period since 1999. <br /> This resolution formally adopts what we informally reported to IMRF when we adopted the ERI <br /> program in 1997. <br />