Aurora, Illinois

File #: 17-00777    Version: 1 Name:
Type: Resolution Status: Passed
File created: 8/16/2017 In control: City Council
On agenda: 8/22/2017 Final action: 8/22/2017
Title: A Resolution Recertification of IMRF eligibility for all elected positions participating in the Illinois Municipal Retirement Fund (IMRF)
Attachments: 1. IMRFform6.64.pdf
cover
TO: Mayor Richard C. Irvin

FROM: Stacey L. Hamling, Chief Financial Officer/City Treasurer

DATE: August 16, 2017

SUBJECT:
Recertification of IMRF eligibility for all elected positions participating in the Illinois Municipal Retirement Fund (IMRF)

PURPOSE:
To facilitate the City Council's adoption of the attached resolution that would re-affirm the positions of mayor and aldermen meets the 1,000-hour standard for participation in the IMRF.

BACKGROUND:
Employees of the City of Aurora who are not sworn police officers or firefighters and are expected to work at least the number of hours that are established as the City's "hourly standard" are required to participate in the IMRF, a defined benefit pension plan. State law permits a municipality to establish an hourly standard of either 600 or 1,000 hours per year. The City has operated under the 1,000-hour standard since November 26, 2002.

State law also affords a local government's elected officials the option of choosing to participate in the IMRF if they meet the government's hourly standard. The government must declare which of its elected positions meet its hourly standard by the adoption of a resolution.

DISCUSSION:
The IMRF Board of Trustees adopted a new rule requiring recertification of IMRF eligibility for elected positions. The recertification process will give the city an opportunity to review the IMRF eligibility rules that will ultimately aid the city with compliance and avoid costly mistakes in enrollment. Additionally, recertification will streamline the IMRF audit process because IMRF's auditors will be able to rely on the accuracy of the recertification without requiring additional documentation.

The attached resolution will re-affirm that the positions of mayor and aldermen meet the 1,000-hour standard.

IMPACT STATEMENT:
N/A

RECOMMENDATIONS:
That the City Council adopt the attached resolution that would re-affirm that the positions of mayor and aldermen meet the 1,000-hour sta...

Click here for full text