State Senator Pam Althoff’s Senate Bill 2701, as amended by State Rep. Jack Franks in the Illinois House, leaves open the possibility that the next McHenry County Board Chairman, whether it is Franks or Mike Walkup, is eligible to participate in the Illinois Municipal League Fund’s pension system.
The legislation prohibits newly-elected county board members from being in the IMRF pension system.
But, according to IMRF definition, county board chairmen, township supervisors & road commissioners and mayors are not considered part of governing boards.
Franks could transfer credits back to the General Assembly Retirement System, but would have to pay a substantial sum to do so.
Should he serve two terms (eight years), Franks would be eligible for a second government pension.
Now fifty-three, Franks will be eligible to collect his legislative pension when he turns 55 on October 2, 2018.
Walkup, if elected, would be eligible for an IMRF pension after serving one term as Chairman.
He already will have four years as a regular county board member.
The County Board’s Human Resources Committee is set to consider the issue of abolition of County Board pensions on Thursday morning at 8:15.