|
On July 23, 2010, the governor signed Senate Bill 2554 (Public Act 96-1258, effective immediately). This law allows Voluntary Additional Contributions to begin immediately upon enrollment in the Voluntary Additional program, instead of requiring a waiting period of two months.
Also, on July 21, 2010, the governor signed House Bill 4960 (Public Act 96-1140, effective immediately). This new law changes the default (automatic) beneficiary to the member's estate and removes the grandfathering of the 600-hour standard for members.
Read more...
July
23, 2010
At
each monthly Board of Trustee meeting, IMRF's investment consultant
presents a summary of the previous month's market and investment
manager performance. The information presented in these reports
is preliminary and subject to change.
Read
more...
July
17, 2010
Public Act 96-0961 allows elected county officials who were entitled to a state stipend between July 1, 2009, and June 30, 2010, but did not receive it (or did not receive all of it), to apply to IMRF to receive credit for the full rate of earnings normally associated with the stipend.
This new law was effective July 2, 2010. Eligible members have six months after that date to apply by submitting IMRF Form 6.94, "Elected County Official Stipend Purchase."
Read more...
July
2, 2010
The campaign 2010: The Year of the Engaged Older Adult is a call to action for individuals, families, and communities to boost learning, strengthen the workforce, and enrich community life by encouraging adults ages 50 and older to lend their expertise to these areas.
Read more…
June
30, 2010
This
year, IMRF will hold elections for two Employee Trustees,
one Executive Trustee (elected by employers) and one Annuitant
Trustee (elected by retired members).
Read
more...
Pension
fund generates $1.5 billion of economic activity in Illinois
April
19, 2010
As
unemployment numbers continue to rise and business owners anxiously
watch balance sheets, a new study found that IMRF made a profound
and positive impact on local economies across Illinois last year.
According
to a new study, 2009 benefit payments from IMRF produced nearly
$1.5 billion in economic output and created more than 11,000 jobs
in the state of Illinois. This report joined a body of evidence
that suggests that defined benefit pensions are critical economic
generators.
Read
more...
April
15, 2010
Yesterday,
the governor signed Senate Bill 1946 (Public Act 96-0889). This
new law creates a second tier of IMRF benefits for members who are
first enrolled in IMRF's Regular plan on or after January 1, 2011.
We
created a
chart that provides a comparison between the Regular Plan Tier 1
and Tier 2.
This
new law does not affect members
currently participating in IMRF or members who ever participated
in IMRF or in a reciprocal system prior to the effective date of
this legislation.
Read
more...
March
23, 2010
The
March 23, 2010, Marketplace Morning Report, produced by American
Public Media and broadcast on National Public Radio (NPR), included
a story discussing Illinois' state pension system debt.
While
discussing options lawmakers should consider, Marketplace quoted
Illinois budget analyst Laurence Msall who advised Illinois lawmakers
to "adopt a model for a well-run pension fund that is headquartered
right here, west of Chicago, in the city of Oak Brook."
Read
more...
February
16, 2010
In the wake of a historic stock market collapse at the end of 2008,
IMRF rebounded in 2009, earning approximately $4.4 billion, or a
24.5 percent return on its investments. These earnings — as
yet unaudited — represent a record-high return for IMRF.
Read
more...
IMRF is proud to announce that in recognition of our
commitment to improving our management systems and processes, we
earned a 2009 Lincoln Foundation Bronze Award for Commitment to
Excellence.
Read more about
IMRF's Bronze award, including a letter
from Governor Pat Quinn and a
letter from U.S. Rep. Peter Roskam congratulating the 2009 winners.
|
