Mariano’s Fresh Market - Construction Update #3
December 20, 2010
Construction on the new Mariano’s continues although slightly behind schedule due to weather conditions. Underground utilities including sanitary, storm and water systems are completed. Masonry and steel work continues on the exterior walls. The roof trusses and decking is scheduled for a mid January installation. Once the building is fully enclosed, which is expected by the end of January, underground plumbing and electric work will be performed on the interior. Next will be the concrete slab (Floor) which is scheduled to be completed in mid February.
Application for the full building permit has been received by the Village. We anticipate issuing this permit within the next two weeks.
Questions? Please contact Building Commissioner Mike Atkinson at 847-918-3548 or Mikeat@vhills.org
POLICE AND FIRE PENSION REFORMS
December 9, 2010
Many of you voted in the November election. One of the issues on the ballot concerned Police and Fire pension reform. During the week after Thanksgiving, the State legislature approved changes for Police and Fire personnel hired after January 1, 2011. The changes are reflected below:
Synopsis of Senate Bill 3538 House Amendment #3
Modified Pension Benefits for Police and Firefighters Hired After 1/1/11
- Normal retirement age 55 (was age 50)
- Early retirement age 50 with ½% reduction for each month prior to age 55 (up to 30% reduction if pension taken at age 50) (currently no early retirement penalty)
- 10 year vesting (current vesting 8 years for police and 10 years for fire)
- Earn 2.5% pension for each year of service with maximum of 75% at 30 years (slight change in formula for earlier years for fire)
- Pension salary cap of $106,800 with annual CPI adjustments (no current cap)
- Final Average Salary for pension is average of final best 8 of 10 years of service (now final day/month)
- Cost of Living Adjustment is lesser of 3% or ½ CPI-U, non-compounded (was 3% compounded)
- COLA begins at age 60 (was age 55)
- Surviving spouse benefit 66 2/3% of pension at time of annuitant death with new COLA formula also beginning at age 60 (currently 100%)
Actuarial Changes
- 30 year closed amortization period with funding goal of 90% by 2041 (was 40 year closed with goal of 100% due by 2033)
- Level percent of payroll formula remains in effect
- Allows 5 year smoothing of actuarial gains and losses incurred after 2011
Compliance Mechanism
- State-shared revenue diversions to pension funds beginning in fiscal year 2016 equaling any difference between the employer contribution and the required actuarial contribution
- Three year phase-in with up to 1/3 of state-shared revenue diverted in fiscal year 2016, up to 2/3 in fiscal year 2017 and up to the full contribution difference beginning in fiscal year 2018
Expanded Investment Authority
- Allows funds with over $10 million in assets to expand investment opportunities.
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Commission on Government Forecasting and Accountability Studies
- Investment pooling
- In-depth study on each pension fund including: fund balances, historical contribution rates, actuarial formulas used, available funding sources, impact of revenue limitations including tax caps and existing compliance measures
- Required to be released in 2013
Note: BS 3538 also applies actuarial changes and compliance mechanism to the City of Chicago’s police and fire pension funds
If you have questions, please contact Michael S. Allison, Village Manager, at 847-918-3540 or mikea@vhills.org.
New Businesses
December 9, 2010
Westfield Hawthorn Center:
