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Trustees acknowledge $32,693.61 military buyback election for officer
Summary
The Board acknowledged Charles McGrath's election to make a lump-sum military buyback payment of $32,693.61 due May 15, 2023, a step toward purchasing credited service under the pension plan.
The Huntley Police Pension Fund Board acknowledged a request by Charles McGrath to purchase credited service through a military buyback. Trustee Timothy Heagney moved and Trustee Mike Hewitt seconded acknowledgement of McGrath's election to make a lump-sum payment of $32,693.61, with the payment due May 15, 2023; the motion carried by roll call vote.
The action records the member's election and the payment amount and due date; the minutes do not specify how purchasing the service will alter credited service or the member's benefit calculation. Lauterbach & Amen is responsible for processing and documenting the payment on receipt.
