HomeMy WebLinkAboutRes 23-92 07/07/1992 af/
6/29/92
RESOLUTION NO. 23-92
A RESOLUTION TO INCLUDE COMPENSATION PAID UNDER AN
INTERNAL REVENUE CODE SECTION 125 AS
ILLINOIS MUNICIPAL RETIREMENT EARNINGS
WHEREAS, standard member earnings reportable to the Illinois
Municipal Retirement Fund (IMRF) do not include compensation paid
under an Internal Revenue Code (I.R.C.) section 125 plan or
compensation directed into a premium conversion plan or flexible
spending account; and
WHEREAS, an Illinois Municipal Retirement Fund participating unit
of government may elect to include IMRF earnings compensation paid
under an I.R.C. section 125 plan or compensation directed into a
premium conversion plan or flexible spending account by action of
the governing body; and
WHEREAS, the Village of Mount Prospect is authorized to include
section 125 plan and premium conversion and flexible spending
account compensation as earnings reportable to IMRF and it is
desirable that it do so; and
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND BOARD OF TRUSTEES
OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS:
SECTION ONE: That the Village of Mount Prospect does hereby elect
to include as earnings reportable to IMRF compensation paid under
an I.R.C. section 125 and/or compensation directed into a premium
conversion plan or flexible spending account effective February 1,.
1986.
SECTION TWO: That the Village Clerk is authorized and directed to
file a duly certified copy of this Resolution with the Illinois
Municipal Retirement Fund.
SECTION THREE: That this Resolution shall be in full force and
effect from and after its passage and approval in the manner
provided by law.
AYES: Busse, Clowes, Corcoran, Floros, Hoefert, Wilks
NAYS: None
ABSENT: None
PASSED and APPROVED this 7th day of July, 1992.
Carol A. Fields
Village Clerk