TO: Mayor Richard Irvin
FROM: Martin S. Lyons, Chief Financial Officer/City Treasurer
DATE: January 31, 2018
SUBJECT:
Illinois Municipal Retirement Fund Authorized Agent - Martin S. Lyons
PURPOSE:
To facilitate the City Council’s appointment of Martin S. Lyons as the city’s authorized agent for the Illinois Municipal Retirement Fund (IMRF).
BACKGROUND:
Pursuant to state law, the city participates in IMRF. IMRF is a defined benefit pension plan. The fund generally provides retirement and disability benefits for local government employees who are not sworn public safety employees. The city has established that an employee must work at least 1,000 hours per year (i.e., the hourly standard) to be eligible for IMRF benefits.
Local government employers participating in IMRF are required to designate an “authorized agent” to the fund. Substantial local administration is necessary to facilitate an employer’s participation in IMRF. Such administration includes filing payroll reports and member forms, remitting contributions, filing benefit applications, and advising fund members on benefits. An IMRF authorized agent serves to centralize the administration of IMRF in one person. (The IMRF authorized agent may designate others to assist in IMRF administration.)
DISCUSSION:
The Chief Financial Officer/City Treasurer has historically handled all pension administration matters for the city. This includes administration of the Aurora Firefighters’ Pension Fund, Aurora Police Pension Fund, and IMRF.
Martin S. Lyons has been appointed Chief Financial Officer/City Treasurer. To retain the current assignment of pension administration responsibilities, it is appropriate to appoint Mr. Lyons as the city’s IMRF authorized agent effective February, 27 2018.
IMPACT STATEMENT:
Not applicable.
RECOMMENDATIONS:
That the City Council adopt the attached, proposed resolution that will serve to appoint Martin S. Lyons as the city’s authorized agent for IMRF.
CITY OF AURORA, ILLINOIS
RESOLUTION NO. _________
DATE OF PASSAGE ________________
title
A Resolution Appointing Martin S. Lyons As The City's Illinois Municipal Retirement Fund Authorized Agent.
body
WHEREAS, the City of Aurora has a population of more than 25,000 persons and is, therefore, a home rule unit under subsection (a) of Section 6 of Article VII of the Illinois Constitution of 1970; and
WHEREAS, subject to said Section, a home rule unit may exercise any power and perform any function pertaining to its government and affairs for the protection of the public health, safety, morals, and welfare; and
WHEREAS, Martin S. Lyons has been appointed to the position of Chief Financial Officer/City Treasurer effective January 8, 2018, and has the necessary skills and qualifications to serve as the City’s IMRF authorized agent.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Aurora, Illinois, as follows:
SECTION 1: That Martin S. Lyons is hereby appointed the IMRF authorized agent to represent the City of Aurora effective February 27, 2018.
SECTION 2: That the City Council delegates to Mr. Lyons the power to file petitions for nomination and cast ballots for the election of executive trustees of the IMRF Board of Directors.
PASSED AND APPROVED ON this 13th day of February 2018.
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AYES _____ NAYS _____ ABSENT _____
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Mayor
ATTEST:
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City Clerk