“Bonus check” is what Daily Herald headline writers are calling a July check that Illinois Municipal Retirement Fund retirees get each year.
The less loaded explanation is that when teachers and state employees were given an annual 3% so-call Cost of Living Adjustment in the 1980’s, local employees didn’t get the same.
They receive 3% each year of their base salary (which is the average of the last four years paid).
Jake Griffin’s article tells of a bill was passed to levy an additional 0.62% of IMRF employees’ salaries.
That goes into a pot and is apportioned, according to the share of a retiree’s pension to the toal pensions being paid. Checks are cut each July.
McHenry County is mentioned in the article:
“McHenry County paid $396,750 toward the bonus pool in 2013, but the county’s former employees collected only $285,364 in bonuses. That amounts to $111,386 of McHenry County taxes going to fund bonuses for employees who never worked for the county.”
Can’t read the Daily Hearld article because I’m not a subscriber. Their ads pop up but they deny the article so SCREW them.
These anti pension people hate public retirees.
Like you said all other state pensions compound pensions but not IMRF.
After being retired 20 years the effective yearly raise is now about 1.8% which is less than inflation.
Whatever your first year annuity amount is, sets your increase forever.
The 13th check was supposed to offset that but never did.
Now this hater wants to take it away too.