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RESOLUTION RESCINDING AND REPEALING RESOLUTION NO. 0110 ADOPTED NOVEMBER 19, 2001 (PURCHASE OF RETROACTIVE SERVICE CREDIT-IMRF)
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WHEREAS, Article 7 of the Illinois Pension Code (40 ILCS 5/7-139 (a) (7)) provides that governing bodies of IMRF employers with compensated elected officials (such as the Village of Orland Park) may resolve to allow eligible former, current and future elected officials to purchase service credit in the Illinois Municipal Retirement Fund (“IMRF”) in an amount that exceeds 50 months of retroactive service; and
WHEREAS, the President and Board of Trustees of the Village of Orland Park, on November 19, 2001, adopted Resolution No. 0110 to allow former, current and future elected officials to purchase such service credits under IMRF in an amount that exceeds 50 months of retroactive service; and
WHEREAS, the Village President and Board of Trustees of the Village have determined that it is necessary and appropriate that former, current and future elected officials of the Village no longer be allowed to purchase such service credits under IMRF.
NOW, THEREFORE, BE IT RESOLVED that:
a) Resolution No. 0110 adopted November 19, 2001, be and hereby is rescinded and repealed; and
b) This Resolution shall be effective immediately upon its adoption as provided by law; and
c) The Village Clerk is directed to file a certified copy of this Resolution with the Board of Trustees of IMRF.