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County staff outlines IMRF pretax option; committee directs education and employee survey before budget decision
Summary
Treasury staff proposed calculating IMRF on employees' gross pay (pretax) rather than net of health premiums; the committee directed staff to educate employees and survey interest before deciding.
Treasury staff presented a proposal to change how IMRF (Illinois Municipal Retirement Fund) contributions are calculated for employees who pay health-insurance premiums through payroll.
Paul (treasury staff) explained that the current IMRF calculation treats pay net of the employee's health-insurance premium, which reduces the reported salary used for IMRF calculations. The proposed change would calculate IMRF on gross pay (pre-health-insurance deduction) so affected employees would have a higher reported salary for pension calculations and thus potentially higher retirement benefits. Paul said the county's estimated additional…
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