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 Par...
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