Referendum Would Hike Police Pensions Plan Would Boost Benefits and Help Recruit New Officers
Granderson, Kimbriell, Daily Herald (Arlington Heights, IL)
Byline: Kimbriell Granderson Daily Herald Staff Writer
Barrington Hills residents will be asked March 16 whether to allow police officers to adopt a new pension plan that enables greater benefits and will help officials recruit new officers.
Police personnel and the village currently pay into the Illinois Municipal Retirement Fund, which is a mandated retirement fund for public employees in communities larger than 5,000. Barrington Hills has a population of 3,930 residents.
Larger communities are mandated to have police pension funds set up. Advantages are in that employees can contribute greater amounts, there are more benefits for widows and orphans and an employee can retire younger.
Under an IMRF, an employee must contribute 4.5 percent of their salary - no more, no less. Under the Illinois pension plan, officers by statute contribute 9.91 percent to the local pension fund, which is locally controlled.
Under the IMRF, the minimum retirement age is 62. In a police pension fund, personnel can retire at 50 if they have at least 20 years of service. …