SPRINGFIELD – Illinois Municipal Retirement Fund employers could have more flexibility in determining how to structure IMRF payments under the Illinois public pension system through a measure championed by State Senator Karina Villa (D-West Chicago).
“This adjustment is necessary to support IMRF from being hit with additional payment requirements,” said Villa. “This is one step toward providing more flexibility for IMRF employers to determine how to structure payments.”
Under Villa’s legislation, IMRF employers would be exempt from paying Accelerated Payment (AP) charges or increases through retributions due to a members receiving workers’ compensation. Similar to other statewide systems, IMRF employers are required to pay the employer cost of pension due based on the members earnings but unlike other systems, IMRF employers are liable for paying any AP charges made through the process.
Senate Bills 3651 passed the Senate Thursday and now heads to the House for further consideration.