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 AURO...
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