Title
A RESOLUTION APPROVING AND AUTHORIZING AN IMRF EARLY RETIREMENT PROGRAM FOR ALL ELIGIBLE VILLAGE EMPLOYEES WHO PARTICIPATE IN THE ILLINOIS MUNICIPAL RETIREMENT FUND
Body
WHEREAS, the Village of Orland Park ("Village") and various employees and officers of the Village are participants in the Illinois Municipal Retirement Fund (“IMRF”), which is part of the Illinois Pension Code (40 ILCS 5/7-141.1); and
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 by adopting a resolution or ordinance; and
WHEREAS, IMRF has prepared an actuarial estimate of the cost of an early retirement incentive program for the Village of Orland Park and the additional liability should all eligible employees choose to participate in the program; and
WHEREAS, implementation of an early retirement program provides a budgeting tool to aid in controlling personnel costs and allows the employer to realize substantial savings in future personnel costs; and
WHEREAS, the Village has prepared an analysis, reviewed by an independent 3rd party, that identifies personnel cost savings over the 10-year amortization period, inclusive of the additional liability amounts reflected above; and
WHEREAS, the Village President and Board of Trustees have determined that the adoption of an early retirement incentive program is in the best interest of the Village of Orland Park;
THEREFORE, BE IT RESOLVED by the President and Board of Trustees of the Village of Orland Park, Cook and Will Counties, as follows:
SECTION 1
Each of the WHEREAS paragraphs set forth above in this Resolution are incorporated by reference into Section 1 as material provisions of this Resolution.
SECTION 2
Pursuant to the authority provided under Section 7-141.1 of the Illinois Pension Code (40 ILCS 5/7-141.1), the President and Board of Trustees of the Village of Orland Park approve and authorize the adoption and implementation of an IMRF Early Retirement Incentive Program for eligible IMRF employees of the Village of Orland Park. As part of this adoption and implementation of an IMRF Early Retirement Incentive Program for eligible IMRF employees of the Village of Orland Park, the President and Board of Trustees of the Village of Orland Park state as follows:
(1) The Village of Orland Park does hereby adopt the Illinois Municipal Retirement 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 30, 2019.
(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 or she accepts employment with any IMRF employer in any position. (Exception: an employee can hold an elected position if he/she chooses to not participate in IMRF and the pension is not based on any service earned in that positon during any term in office.)
(3) In order to utilize an early retirement incentive as a budgeting tool, the Village of Orland Park will use its best efforts either to limit the number of employees hired to replace employees who retire under the early retirement incentive program or to limit the salaries paid to employees who replace those employees who retire under the early retirement incentive program.
(4) The effective date of each employee’s retirement under the early retirement incentive program shall be set by the Village of Orland Park 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 the age of 50 and have at least 20 years of creditable service by his or her retirement date.
(6) As of the date of this resolution, the President and Board of Trustees of the Village of Orland Park are not aware of the pending dissolution of the Village of Orland Park.
SECTION 3
Further, the Board of Trustees of the Village of Orland Park authorizes and directs the Village President, Village Clerk and/or the Village Manager, or their designees, as appropriate and necessary, to execute and deliver all documents and other instruments that are necessary to fulfill the Village’s obligations under this IMRF Early Retirement Incentive Program.
SECTION 4
The Village Clerk shall promptly file a certified copy of this resolution with the Board of Trustees of the Illinois Municipal Retirement Fund after approval by the President and Board of Trustees of the Village of Orland Park and execution of the Resolution.