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.
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