Resolution 2011-14 STATE OF ILLINOIS )
COUNTY OF KENDALL )
RESOLUTION NO. 2011-�
RESOLUTION ADOPTING AN
EARLY RETIREMENT INCENTIVE
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 (IMRF)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 services credit; and
WHEREAS, IMRF has prepared an actuarial estimate of the cost of an early retirement
incentive program for the United City of Yorkville and the additional liability created by the
early retirement incentive is estimated to be$416,676; and
WHEREAS, the City Council has reviewed the cost estimate and determined that the
adoption of an early retirement incentive is in the best interests of the United City of Yorkville;
THEREFORE BE IT RESOLVED by the Mayor and City Council of the United City of
Yorkville that:
1. The United City of Yorkville does hereby adopt the Illinois Municipal 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 June 15, 2011.
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 later accepts
employment with any IMRF employer in any position, except that any an employee
can hold and elected position if he chooses to not participate in IMRF and the
pension is not based on any service earned during that term in office.
3. In order to utilize an early retirement incentive as a budgeting tool, the United City
of Yorkville will use its best efforts either to limit the number of retiring employees
replaced or to limit the salaries paid to the replacement employees.
4. The effective date of each employee's retirement under this early retirement
incentive program shall be set by the United City of Yorkville and shall be no earlier
than the effective date of the program and no later than one year after the effective
date; except that the employee may require that the retirement date set by the
employer be no later than the June 30 next occurring after the effective date of the
program and no earlier than the date upon which the employee qualifies for
retirement.
5. To be eligible for the early retirement incentive under this Section, the employee
must have attained age 50 and have at least 20 years of creditable service by his
retirement date.
6. As of the date of the adoption of this Resolution, the City Council is not aware of the
pending dissolution of the United City of Yorkville.
7. The City Clerk shall promptly file a certified copy of this resolution with the Board
of Trustees of the Illinois Municipal Retirement Fund.
Passed by the City Council of the United City of Yorkville, Kendall County, Illinois
this y day of --J u NE , A.D. 2011.
1�cPrtTy/ Y CLERK
ROSE SPEARS _ DIANE TEELING
GEORGE GILSON, JR. JACKIE MILSCHEWSKI
CARLO COLOSIMO _ MARTY MUNNS _
CHRIS FUNKHOUSER LARRY KOT
Approved by me, as Mayor of the United City of Yorkville, Kendall County, Illinois,
this 4 day of SuPj , A.D. 2011.
Ara-
MAYOR
CERTIFICATION
I, Lisa Pickering, Deputy City Clerk for the United City of Yorkville, Kendall County, Illinois,
do hereby certify that I am the keeper of the books and records of the United City of Yorkville
and that the foregoing is a true and correct copy of Resolution No. 2011-14, Adopting an Early
Retirement Incentive, duly adopted by the Mayor and City Council of the United City of
i
Yorkville at a meeting duly convened and held on the 141h day of June, 2011.
-DF p"-ry CITY CLERK
SEAL
i
i
i
i
i
I
i
I