Hawthorn Elementary District 73 will make a $500,000 payment to the Illinois Municipal Retirement Fund in an effort to reduce its $4 million unfunded liability to the retirement plan. The school board on Friday unanimously agreed to make the contribution this year. It also is considering four options to reduce the liability in the future that are expected to be discussed at budget time in April. The unfunded liability has been noted in annual audits, but the district did not have the ability to address it in previous years due to cuts that were made to balance the budget, school officials said. IMRF is a retirement plan for staff who are not certified to be teachers, covering about 167 District 73 employees.
posted: 12/20/2013 3:46 PM
Hawthorn IMRF contribution
Order Reprint Print Article
Interested in reusing this article?
Custom reprints are a powerful and strategic way to share your article with customers, employees and prospects.
The YGS Group provides digital and printed reprint services for Daily Herald. Complete the form to the right and a reprint consultant will contact you to discuss how you can reuse this article.
Need more information about reprints? Visit our Reprints Section for more details.
Success - request sent close
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the X in the upper right corner of the comment box. To find our more, read our FAQ.