Retirement
6.1.0 Retirement, Pension Plans
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Regular full-time and regular part-time employees in qualifying positions working over 1,000 hours in a year shall be covered by retirement or pension plans in accordance with statutory requirements. The authorized retirement and pension plans for City employees shall be the Illinois Municipal Retirement Fund. For sworn Police and Fire personnel, the authorized plans are the Police Pension Fund and the Firefighters' Pension Fund.
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Plan members who first participated in the plans on or after January 1, 2011 will be considered Tier 2 members and their benefits will be defined by this tier of their appropriate pension fund.
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6.2.0 Deferred Compensation Plan
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Employees may participate in a deferred compensation plan as authorized by the City Council. Employees must execute Joinder Agreements with the applicable organization, and the agreements must be approved by the City Manager.
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Employees have the option of utilizing the City contribution to the Flexible Spending Account as a contribution to their deferred compensation account as described under Section 8.6 of these policies.
6.3.0 Out-of-State Service Credit
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Employees participating in the Illinois Municipal Retirement Fund may be eligible to be credited with additional time on their pensions if they have participated in a public employee pension system in another state prior to joining the City. Applications will be considered by the City Council if the employee is in good standing and has been with the City for a minimum of two years but not more than three years. Requests received after the three-year timeframe will not be considered. Consideration will be on a case-by-case basis, and approval will be based on various factors including budgetary constraints. The employee is responsible for initiating the application process through the Human Resources Department. All applicable IMRF rules apply.
6.4.0 Retiree Health Savings Plan (RHS)
All regular full-time and regular part-time employees will be required to participate in a Retiree Health Savings Plan (RHS) as authorized by the City Council by having 1% of their salary placed into an RHS account. Before-tax contributions will be placed into the individual accounts at the beginning of each quarter, with payroll deductions occurring on a per-pay-period basis. This section shall not apply to collective bargaining agreements.