1999 IMRF Comprehensive Annual Financial Report

Changes in Plan ProvisionsLegislation effective January 26, 2000, changed the following provisions of the Elected County Officials (ECO)Plan. These changes apply to all members who join the ECO Plan after January 25, 2000.◆ The ECO benefit formula is limited to service in an elected county office.◆ The final rate of earnings is changed from the last salary to a four-year average calculated separately for eachoffice held.◆ Eight years of service in each office is required to qualify for an ECO formula.◆ Counties may opt out of the ECO Plan.Actuarial SectionLegislation, awaiting the Governor’s signature to become law, would make the following changes.◆ Surviving spouses may remarry before age 55 without losing their benefits.◆ Members may apply for Benefit Protection Leave more than two years after the leave period.◆ Counties may require ECO members to pay both the member and employer cost when converting Regular orSLEP service credit to ECO service credit.Illinois Municipal Retirement Fund 63