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The
Illinois Municipal Retirement Fund was created in 1939 by the Illinois
General Assembly and began operating in 1941 with 5 original employers
and $5,000 in assets. Today IMRF serves approximately 2,900 employers
and has approximately $24 billion in assets.
Since
1941, IMRF has provided employees of local governments and school districts
in Illinois (with the exception of the City of Chicago and Cook County)
with a sound and efficient system for the payment of retirement, disability,
and death benefits.
As
of December 2009, IMRF counted 181,380 active members, 92,058 benefit
recipients, and 2,950 local units of government in Illinois.
IMRF
Mission Statement
"To
efficiently and impartially
develop, implement, and administer
in a prudent manner programs that provide
income protection to members and their beneficiaries
on behalf of participating employers."
Read
more about our visions and values.
IMRF
is established under statutes adopted by the Illinois
General Assembly. It is governed by a Board
of eight trustees who must also be participating members and one trustee
who must be receiving an IMRF annuity.
Four
trustees are elected by employers, three are elected by participating
members, and one annuitant trustee is elected by IMRF annuitants (individuals
receiving IMRF retirement benefits). Trustees receive no compensation,
only reimbursement for expenses.
The
Board appoints an Executive Director who is responsible for all administrative
functions and supervision of staff employees. The Board also appoints
medical and investment consultants, an actuary and an independent auditor.
IMRF
administers three plans and several tiers within those plans.
IMRF complies with Illinois Public Act 97-0609, which requires posting the “total compensation package” for employees whose compensation package exceeds $75,000 per year.
On December 21, 2012, the Board of Trustees approved the IMRF annual operating budget for 2013.
The IMRF 2013 “total compensation package” posting is available for viewing between 8:30 a.m. and 4:30 p.m. at the 4th floor reception desk at our Oak Brook office.
Any individual who wants a copy mailed should contact IMRF's Human Resources Manager at lindabieniek-humanresources@imrf.org.
How
the IMRF plan operates locally
IMRF
serves employers including cities, villages, counties, school districts,
townships and various special districts, such as parks, forest preserves
and sanitary districts. Although total participation exceeds 181,000 members,
IMRF is a local program. Each employer builds up an account to provide
future benefits for its own employees.
IMRF Authorized Agents
Each
IMRF employer appoints one of its employees to serve as IMRF Authorized
Agent. Your IMRF Authorized Agent handles the operation of the plan locally
and has the necessary forms to apply for all IMRF benefits.
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