Substitute House Bill No. 5544
Public Act No. 00-73
An Act Allowing For Deferred Retirement Option Plans In The Municipal Employees' Retirement System.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. (NEW) (a) On or after the effective date of this act, the Retirement Commission may create a deferred retirement option plan. If created, such plan shall permit members of the Municipal Employees' Retirement Fund who are eligible for a service retirement allowance to elect participation in such plan, provided such plan has been adopted by the participating municipality that employs such member.
(b) The deferred retirement option plan shall include a fixed period of time for member participation, not to exceed five years, and a specified rate of interest credit for member accounts. All other provisions of the deferred retirement option plan shall be as determined by the Retirement Commission, provided the structure of such plan is certified by the consulting actuary to the Municipal Employees' Retirement Fund as having no anticipated impact on the contribution rates for municipalities participating in said fund.
(c) Any municipality participating in the Municipal Employees' Retirement Fund shall have the option of adopting the deferred option plan for its members. Such adoption shall be by a majority vote of the local legislative body.
Sec. 2. This act shall take effect July 1, 2000.
Approved May 16, 2000