IMRF benefits not affected by ruling
A Sangamon County Circuit Court judge on November 21, 2014, ruled that Public Act 98-0599, the pension reform legislation signed by the governor in December 2013, is unconstitutional. IMRF was not included in the provisions of PA 98-0599 that alter benefits for current members and retirees of the state-funded systems. The Attorney General has announced that she will immediately appeal the Circuit Court's ruling to the Illinois Supreme Court.
IMRF demonstrates a commitment to efficient plan administration while delivering top-notch customer service, according to an annual study of North American public pension plans.
IMRF launches new website, corporate brand
In February 2015, IMRF—the best-funded statewide public pension in Illinois—is launching the new and improved IMRF website. Drawing from customer surveys and focus groups, IMRF designed the new website with the needs of IMRF members, retirees, participating employers, and the general public in mind. The website will feature an attractive, modern look and feel—including a new logo and color scheme—that reflect IMRF’s status as a national leader in the public pension industry.
IMRF offers tactics and lifestyle tips for National Save for Retirement Week.
IMRF has modified how it reports its financial position to comply with new reporting requirements from the Governmental Accounting Standards Board (GASB).
The IMRF Board of Trustees certified two new trustees for 2015 at a special meeting held September 25, 2014.
The Board certified:
David C. Miller as an Executive Trustee for the term of January 1, 2015, through December 31, 2016.
Natalie Copper as an Employee Trustee for the term of January 1, 2015, through December 31, 2019.
Under the provisions found in Public Act 98-0932, if there is only one candidate for a trustee election, no election need be held. Since only David Miller and Natalie Copper submitted the required number of signatures and met the statutory requirements to be a candidate in each of their respective elections, no election will be held and no cost incurred for administering the election.
The IMRF Board of Trustees met in August and discussed a number of topics, including the results of the annual CEM Benchmarking study, endorsed long-term care insurance, IMRF's Illinois Economic Opportunity Investment Report, and more.
The recording and presentation materials for the GASB 68 Webinar are now available on the GASB 68 Resource Page.
IMRF has created a new online resource to aid employers in implementation of GASB 68 requirements. Access the GASB 68 resource page here.
IMRF Financial Literacy Workshops
This fall, IMRF will pilot a new retiree workshop series... Read More
The Seventh Judicial Circuit Court of Sangamon County on May 14, 2014, ordered a temporary stop to Public Act 98-0599, the pension “reform” legislation signed by the governor in December 2013.
IMRF was not included in the provisions of PA 98-0599 that alter benefits for current members and retirees of the state-funded systems. However, some provisions of the law do affect future IMRF members. The Circuit Court judge’s order halts the implementation of these IMRF-related provisions, possibly until the Illinois Supreme Court rules on the constitutionality of the entirety of PA 98-0599.
The IMRF-related provisions were announced by IMRF in General Memo 645 on December 16, 2013. In summary, the law stops future members from applying lump-sum payments for sick leave or vacation time toward pensionable salary, and from converting unused, unpaid sick leave to service credit. The legislation also stops future employees of certain instrumentalities from participating in IMRF. These IMRF-related provisions were all included in the judge’s stay order.
IMRF will keep you updated of any future legal action impacting PA 98-0599 and its IMRF-related provisions.
Governing—a magazine that covers politics, policy and management for state and local government leaders—recognizes IMRF as a "model of fiscal responsibility."
State Rep. Deborah Conroy (D-Villa Park) has tabled a proposal to terminate the IMRF 13th payment. Tabled proposals are withdrawn from the legislative process and typically go no further.
A stronger economy and a continued bull market for stocks helped IMRF – the best-funded public pension plan in Illinois – earn approximately $5.4 billion in investment income in 2013. These earnings represent a 20 percent annual rate of return.
The Better Government Association recognized IMRF as part of its Good Government Spotlight series. The stories “showcase government employees, programs, agencies and organizations that reflect the BGA’s core values of government transparency, accountability, efficiency, and fair play for taxpayers and the community.”
The article is titled A Public Pension Plan That Works.