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News at IMRF

IMRF Employers: Return GASB 68 Questionnaire by August 22, 2014

To ensure compliance with GASB Statement No. 68, all IMRF employers must complete this questionnaire and return it to IMRF by August 22, 2014. If you do not complete the questionnaire, your employer-specific GASB 68 information may not be available for you to complete your future financial statements. All IMRF employers who report according to Generally Accepted Accounting Principles (GAAP) will need GASB 68 information. If you are unsure whether you prepare GAAP financial statements (accrual basis), consult your auditor. Please read the questionnaire for additional details. IMRF will still be providing GASB 50 information to all employers.

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.

GASB 68 Webinar

IMRF and the Illinois Government Finance Officers Association (IGFOA) are offering a webinar on Governmental Accounting Standards Board (GASB) Statement No. 68. The webinar will be held on August 15 from 9:30 AM to 11:30 AM. Learn more...


Elections for Board of Trustees

In November, IMRF will conduct two trustee elections:

Employers will elect one Executive Trustee for a two-year term to fill a vacancy on the Board. The two-year term of office will run from January 1, 2015, through December 31, 2016. Read More...

Members will elect one Employee Trustee for a five-year term. The five-year term will run from January 1, 2015, through December 31, 2019. Read More...


Highlights of the May Board of Trustees meeting

The IMRF Board of Trustees met in May and discussed a number of topics, including the 2014 Actuarial Valuation and Gain/Loss Analysis, IMRF's policy for overfunded employers, 2015 ECO rates, and more.

Read more...


Register for a Retiree Workshop today!

Since 2008, IMRF has partnered with the University of Illinois Extension to provide workshops on various topics to IMRF retirees. We offer workshops at various locations throughout the state. Workshops are free, and we encourage you to bring a guest! This year's topic is Building Bridges across Generations. The workshop will highlight the similarities and differences between generations, and help participants learn effective communication tools to build bridges across the generations.

Register for a workshop through Member Access.


IMRF to Participate in General Assembly’s Volunteer Initiative

IMRF will join about 70 leading Illinois institutions at the General Assembly’s 2014 Senate Forum on Volunteerism to discuss ways to connect individuals with statewide service opportunities.

Read more...


Circuit Court stays PA 98-0599, including IMRF-related provisions

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.


IMRF Rate Meeting Webinar available online

IMRF hosted its 2014 Rate Meeting Webinar for IMRF employers on May 1.

View the webinar on the employers landing page or download the presentation here.


IMRF responds to Illinois Policy Institute

IMRF Executive Director Louis W. Kosiba responds to recent articles released by the Illinois Policy Institute.

Read more...


Non-US Focused Private Equity Manager Search

IMRF is requesting proposals from UK and/or European based private equity funds focused on UK and/or European buyout and growth companies. Read More...


"Heartbleed Bug" not impacting IMRF

IMRF takes its responsibility for securing your personal information very seriously. As an IMRF member, you should know that:

- Your IMRF account details were never exposed
- Your IMRF account is secure
- You do not need to change your IMRF account password


Governing magazine honors IMRF

Governing—a magazine that covers politics, policy and management for state and local government leaders—recognizes IMRF as a "model of fiscal responsibility."

Read more...


13th payment legislation tabled

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.

Read more...


IMRF Executive Director speaks against proposal to eliminate 13th payment

On March 25, IMRF Executive Director Louis W. Kosiba testified before the House Committee on Personnel and Pensions in opposition to House Amendment #1 to House Bill 3898, which would eliminate the 13th payment effective January 1, 2015, for all present and future annuitants:

Read more...


Proposal to eliminate 13th payment passes House committee; Steps remain before legislation could become law

The Illinois House of Representatives Personnel and Pensions Committee on March 25 approved legislation that would terminate the 13th payment effective January 1, 2015, for all present and future annuitants. House Amendment #1 to House Bill 3898 must pass through a number of additional steps to become law, however.

Read more...


IMRF Board Legislative Committee votes to oppose 13th payment legislation

The IMRF Board of Trustees Legislative Committee on March 24 voted to oppose House Amendment #1 to House Bill 3898, which would terminate the 13th payment for all present and future annuitants effective 1/1/15.

Read more...


IMRF investments earn 20 percent in 2013

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.

Read more...


Legislation introduced to eliminate "13th payment"

On March 14, legislation was introduced to eliminate the IMRF supplemental benefit payment, also known as the 13th payment.

Read more...


2014 Employer Rate Meetings

Beginning on April 21, 2014, IMRF will present a series of Employer Rate Meetings throughout the state. At these meetings we will discuss the impact of year-end financial and actuarial data on IMRF as a whole and its estimated impact on individual employers.

Read more...


The Executive Director on the IMRF 13th Payment

Executive Director Louis Kosiba responds to recent media coverage of the IMRF 13th Payment.

Read more...


IMRF Issues RFP for Website Replacement

IMRF invites qualified bids on the construction and implementation phase of a website replacement and content management system project scheduled for 2014. This request replaces a previous RFP issued in December, 2013.

Read More...


Better Government Association recognizes IMRF

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.

Read more...

 

 

 

 

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IMRF Online provides a brief summary of IMRF benefits and the adminstration of those benefits. IMRF members' and employers' rights and obligations are governed by Article 7 of the Illinois Pension Code. Statements in these publications are general, and the Illinois state law governing IMRF is complex and specific. If a conflict arises between information in these publications and the law, all decisions are based on the law.

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Page last updated by RS on 06.30.14