ACTION REQUESTED:
Title
Communication from the City Manager and the Human Resource Director with a Request to AUTHORIZE the City Council to ADOPT a New RESOLUTION Reaffirming that Elected Official Positions Meet the ILLINOIS MUNICIPAL RETIREMENT FUND (IMRF) Hourly Standard (1000 Hours Per Year).
Body
BACKGROUND: The IMRF Board of Trustees has adopted a rule that now requires recertification of IMRF eligibility every two years for all elected positions. Regardless of the fact that the City Council adopted a resolution in 1961 and again in 1985 regarding IMRF eligibility for City elected officials, a recertifying resolution must now be passed by the City’s governing body before September 2017. If IMRF does not receive a recertification, the unit of government’s elected officials will no longer be eligible to participate in IMRF.
Per IMRF, their Board adopted its new rule requiring recertification for several reasons. First, the recertification process will give governing bodies the opportunity to review eligibility rules. Second, recertification will streamline the IMRF audit process. Finally, recertification will take into account modernization as it recognizes that required duties of an elected official can and do change over time.
FINANCIAL IMPACT: City of Peoria elected officials who elect to participate in IMRF will become part of the City’s annual IMRF obligation.
NEIGHBORHOOD CONCERNS: N/A
IMPACT IF APPROVED: The City’s elected officials will have the opportunity to participate in the IMRF defined benefit pension plan.
IMPACT IF DENIED: The City’s elected officials will no longer be able to participate in the IMRF pension plan.
ALTERNATIVES: None
EEO CERTIFICATION NUMBER: N/A
WHICH OF THE GOALS IDENTIFIED IN THE COUNCIL’S 2014 - 2029 STRATEGIC PLAN DOES THIS RECOMMENDATION ADVANCE?
1. Financially Sound City Government, Effective City Organization
WHICH CRITICAL SUCCESS FACTOR(S) FROM THE COMPREHENSIVE PLAN DOES THIS RECOMMENDATION IMPLEMENT?
1. Have an efficient government.
DEPARTMENT: Human Resources