There is no Police Pension Fund in the Village of Lakewood.
The west side of the Lakewood Village Hall houses its Police Department. All employees under a pension system are in the Illinois Municipal Retirement System.
That’s what Administrator Catherine Peterson replied to my Freedom of Information request.
Here’s what she said:
“Concerning your second FOIA request (Police Pension), please be advised that our Police Officers are not members of the ‘downstate pension’ system.
“Any employees eligible for pension benefits (including Police Officers) are a part of the Illinois Municipal Retirement Fund (IMRF) system.”
Cal, before you are too befuddled over Lakewood PD, here’s a tidbit.
Lakewood, being a village of under 5000 residents, does not fall under IL State Law in mandating a police pension fund, unless a referendum is passed to create one, read (http://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=004000050HArt%2E+3&ActID=638&ChapterID=9&SeqStart=15700000&SeqEnd=24100000).
They have a pension plan- what exactly do you think IMRF is?
IMRF is not a STATE PENSION and luckily was not controlled by the State Legislature or they would have robbed it blind too.
IMRF is somewhere around 90% funded. IMRF retirees do not get 3% compounded increases like ALL the other State pensions, in fact newer employees only get the CPI or 3% of their original annuity, which ever is lower. Not compounded.
IMRF has always been a very conservatively run pension system and has been held up as a model pension on a national level.
County employees are under IMRF including deputies.
Many communities allow the police and fire to switch to the DOWNSTATE funds after the town reached 5,000 or some do it by referendum.
I believe Fox River Groive did this.
Higher pension formulas and higher retirement increases under the DOWNSTATE.
As an IMRF retiree it Galls me when people try and compare IMRF benefits to the STATE Pesnios or teachers TRS. I along with most people only wish for those increases and benefits.
IMRF is not a STATE PENSION and luckily was not controlled by the State Legislature or they would have robbed it blind too.
IMRF is somewhere around 90% funded.
IMRF retirees do not get 3% compounded increases like ALL the other State pensions, in fact newer employees only get the CPI or 3% of their original annuity, which ever is lower.
Not compounded.
IMRF has always been a very conservatively run pension system and has been held up as a model pension on a national level.
County employees are under IMRF including deputies.
Many communities allow the police and fire to switch to the DOWNSTATE funds after the town reached 5,000 or some do it by referendum.
I believe Fox River Groive did this. Higher pension formulas and higher retirement increases under the DOWNSTATE.
As an IMRF retiree it Galls me when people try and compare IMRF benefits to the STATE Pesnios or teachers TRS.
I along with most people only wish for those increases and benefits.