Resolution 2023-28 Resolution No. 2023-28
A RESOLUTION OF THE UNITED CITY OF YORKVILLE, ILLINOIS
APPROVING AN UPDATED PENSION FUNDING POLICY
WHEREAS, the United City of Yorkville (the "City") is a duly organized and
validly existing non home-rule municipality created in accordance with the Constitution
of the State of Illinois of 1970 and the laws of the State; and,
WHEREAS, the City adopted a pension funding policy in 2015 to determine its long-
term costs of pension benefits and define the City's actuarial determined contribution for
such benefits; and,
WHEREAS,the Mayor and City Council have reviewed the policy from 2015 and believe
the members of the fund would be served by using an assumption of annual cost based upon the
salary scale of its members as set forth in the Pension Funding Policy attached hereto; and,
WHEREAS, the objectives of said policy continue to include funding based on
actuarially determined contributions, ensuring that future benefits can be paid, maintaining
intergenerational equity, making funding a percentage of payroll and providing for clear
reporting of how sufficient assets will be available to pay for such future benefits.
NOW,THEREFORE,BE IT RESOLVED,by the Mayor and City Council of the United
City of Yorkville, Kendall County, Illinois, as follows:
Section 1.That the UNITED CITY OF YORKVILLE PENSIONFUNDING POLICY, dated
August 22, 2023, attached hereto and made a part hereof by reference as Exhibit A, is hereby
adopted to determine the actuarial determined contribution for the City's Police Pension Fund and
its contribution to the Illinois Municipal Retirement Fund.
Section 2. This Resolution shall be in full force and effect upon its passage and approval
as provided by law.
Resolution No. 2023-28
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Passed by the City Council of the United City of Yorkville, Kendall County, Illinois this
22nd day of August, A.D. 2023.
CIT CLERK
KEN KOCH AYE DAN TRANSIER AYE
ARDEN JOE PLOCHER AYE CRAIG SOLING AYE
CHRIS FUNKHOUSER AYE MATT MAREK AYE
SEAVER TARULIS AYE RUSTY CORNEILS AYE
APPROVED by me, as Mayor of the United City of Yorkville, Kendall County, Illinois
this a5 day of /+1A q u 0- , A.D. 2023.
MAYOR
Attest:
IT CLERK
Resolution No. 2023-28
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