The IMRF pension is funded by 3 sources:
HOW IS THE MAYOR’S PENSION CALCULATED?
For people entering the pension system before 2011, like the mayor, their pension is calculated as follows:
TERM LIMIT REFERENDUM
Term limiting the Mayor’s and other elected officials’ positions reduces or eliminates pension eligibility and encourages community involvement and fresh ideas.
MAKE MAYOR’S POSITION PART TIME WITH PAY REDUCTION
Our village charter has a Village Manager that implements the policies of the board and manages the Village. The Mayor’s role, by charter, is not a full time responsibility.
What does this mean to your property tax bill? A 72% increase over 10 years (Figure 4)
How does the property tax rebate impact this? The property tax rebate program originally coincided with a 0.75% home rule sales tax increase and was intended to be a 100% property tax refund to homeowners. It has since become a means for the Mayor and the Village Board to give themselves “Budget Flexibility”. (Figure 5)