Article II

"The Board of Trustees and IMRF staff are ultimately responsible to the participants of IMRF."

Participants rely on and expect trustees and staff to act with integrity, objectivity, and due care. Integrity is an element of character. Integrity will not accommodate deceit or subordination of principle. Integrity is measured in terms of what is right and just. Integrity requires a trustee to observe the principles of objectivity, independence and prudence. Objectivity is a state of mind, a quality that lends value to a trustee’s services. It is a distinguishing factor in the profession of public pension administration.

The principle of objectivity imposes the obligation to be impartial and intellectually honest. Independence precludes relationships that may appear to impair a trustee’s objectivity in rendering fiduciary services. Subordination of judgment is to be avoided.

The maintenance of objectivity and independence requires a continuing assessment of fiduciary responsibility.

Possession of these attributes by trustees and staff will allow them to serve the uncompromising interest of participants of public pension funds in a responsible manner.

Rules and Interpretations

Rule 2.01 Trustees and staff must remove personal bias and function with total objectivity.

Trustees and staff are bound to the principal of fairness for, by their work, the balance of a member’s dedicated career is molded to the obligation of the employer to provide security in retirement.

Trustees and staff as decision makers must be persons of conscience and intellectual discipline who shall objectively and fairly judge matters that affect participants of IMRF.

Trustees or staff can be shown to be biased if he or she does not have the ability to set aside personal feelings in deciding a matter involving a participant of IMRF.

The prejudice of a single trustee will taint the action of an entire board. To avoid this result the trustee should recuse him or herself from the matter at hand.

Rule 2.02 Arbitrary and capricious interpretations of IMRF statutes must be prevented by an exercise of independent judgment supported by substantial evidence.

The interpretation of the Illinois Pension Code made by trustees or staff should neither be irrational nor unreasonable.