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Treasurer outlines IMRF calculation option as monthly finances show timing-driven shifts
Summary
Lee County treasurer presented monthly financials and raised an option to change how IMRF pension contributions are calculated, saying it would raise short-term costs but boost long-term employee pension values.
Treasurer Paul presented Lee County’s monthly financial report and flagged an optional change to how the Illinois Municipal Retirement Fund (IMRF) calculates employee contributions.
Paul told the finance committee that IMRF offers a resolution that, if approved by the county, would allow employees’ IMRF to be calculated on total gross wages rather than after subtracting health insurance premiums. “Employees can have their IMRF calculated on their total gross wage instead of the subtraction of the health insurance,” Paul said, adding the change would increase county costs while slightly increasing employee contributions.
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