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TO: Mayor Robert J. O'Connor
FROM: Brian W. Caputo, Chief Financial Officer/City Treasurer
DATE: February 28, 2017
SUBJECT:
Illinois Municipal Retirement Fund Authorized Agent - Stacey L. Hamling
PURPOSE:
To facilitate the City Council's appointment of Stacey L. Hamling 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. With the retirement of Brian Caputo on March 12, 2017, a new IMRF authorized agent must be appointed.
Stacey L. Hamling will become the interim Chief Financial Officer/City Treasurer after Mr. Caputo retires. To retain the current assignment of pension administration responsibilities, it is appropriate to appoint Ms. Hamling as the city's IMRF authorized agent effective March 14, 2017.
IMPACT STATEMENT:
Not applicable.
RECOMMENDATIONS:
That the City...
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