Title
Amendment to the ordinance authorizing the County Administrator to offer employees the accelerated retirement option who are affected by a lay off and who were eligible for the option, but declined it, when it was originally offered from May 13, 2009 through July 3, 2009.
Staff Summary
· Extends accelerated retirement benefits to certain employees affected by a reduction in workforce.
· Affected employees will be eligible to receive the same benefit as contained in the programs when it was initially authorized, with a pre-established effective date to be determined by the County Administrator.
Body
WHEREAS, the County of Lake, due to budgetary limitations implemented an accelerated retirement option effective May 13, 2009 through July 3, 2009 that provided, 1) an incentive to certain employees who have a desire to retire early and; 2) a cost savings to the County in total wages by filling vacancies with employees at lower rates of compensation.
WHEREAS, the County of Lake offered full-time regular employees who contribute to the Illinois Municipal Retirement Fund (IMRF) with at least 8 years of service and who attain the age of 55 years of age, by December 31, 2009 and employees who contribute to Sheriff’s Law Enforcement Personnel (SLEP) retirement fund with at least 20 years of service and who are at least 50 years of age, by December 31, 2009 an accelerated retirement benefit; and
WHEREAS, the County of Lake allowed eligible employees to chose one of the two following options with certain conditions; 1) continue health and dental insurance benefits and make contributions at the same monthly rate as full-time regular employees for two years or; 2) continue health and dental insurance benefits and make contribution at the same monthly rate as full-time regular employees for one year and receive one (1) week of pay, at the hourly rate in effect as of the date of this ordinance, for every two years of service above 7 years not to exceed $20,000; and...
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