Title
Ordinance authorizing the County Administrator to offer certain eligible employees an Accelerated Retirement Option.
Staff Summary
· Eligible employees will be allowed to continue health insurance and dental benefits and make contribution at the same monthly rate as full-time regular employees for two years;
§ OR
· Eligible employees will be allowed to 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 for every two years of service above 7 years with a maximum total payout of $20,000.
· Employees will be allowed to continue health insurance and dental benefits at the retiree group rate after the chosen health insurance benefit option has expired.
· This option will be offered to employees beginning June 9, 2010 through July 23, 2010.
· Employees who choose this option shall be required to begin their retirement no later than October 29, 2010.
· It is anticipated that this benefit may generate a first year average savings of $0.00 -$3,077 per employee; a second year average savings of $9,635 per employee and; a third year average savings of $22,419 per employee.
Body
ORDINANCE
WHEREAS, the County of Lake, due to budgetary limitations is implementing an accelerated retirement option that will provide, 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 will offer full-time employees, who contribute to the Illinois Municipal Retirement Fund (IMRF) with at least 8 years of service and who are at least 55 years of age 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 an accelerated retirement benefit; and
WHEREAS, the County of Lake shall exclude from ...
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