R97-120 AUTHORIZING ADOPTION OF IMRF

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s RESOLUTION NO. R97-120 � RESOLUTION AUTHORIZING ADOPTION OF IMRF (EMPLOYEE I.D. #3340) EARLY RETIREMENT INCENTIVE PROGRAM WHEREAS, Section 7-141.1 of the Illinois Pension Code provides that a participating 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, implementation of the early retirement program will provide a budgeting tool to aid in controlling payroll costs; and, WHEREAS, the City Council of Decatur, Illinois has determined 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 l. 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 September 1, 1997. 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 IMRF employer 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 employees who replace the employees who retire under the early retirement incentive program or to limit the salaries paid to the employees who replace the employees who retire under the early retirement incentive program.