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Article VI

"Service to IMRF participants demands a special sensitivity to the qualities of justice, courage, honesty, equity, competence and compassion."

Forms of conduct permissible for those acting at arms length should be forbidden to trustees and staff bound by fiduciary ties. A trustee or staff member is held to something stricter than the morals of the market place. Not honesty alone but fine, exacting observance of honesty is the standard of behavior. Undivided loyalty without disintegrating erosion of particular exceptions to the interests of participants is what is required.

Good faith requires that personal biases be cast aside and the objectivity regarding plan participants and their beneficiaries be uppermost in the conduct of the trustee and staff. Good faith requires that the trustees and staff have understanding, experience, and the ability to appreciate the nature of the decisions that are required. Trustees and staff are required to exercise care, skill and diligence.

Recognizing that others may lack the political courage and willingness to make tough decisions and avoid making pension assets vulnerable, public pension trustees and staff must be ever vigilant to protect against erosion of public pension fund assets. They must insist on funding levels, from whatever source, that guarantee the employer’s promise of security and efficient administration of investments and adequate funding levels.


Rules and Interpretations

Rule 6.01 Trustees and staff must protect the retirement fund by complying with every provision of the trust document as created by the Illinois Pension Code.

Trustees and staff shall protect IMRF. In carrying out this mandate, trustees and staff are held to the highest standards of fiduciary conduct.

A practical application of a protection duty requires that trustees and staff meet the responsibility to maintain the terms of the trust as spelled out in the statute.

 

 


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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.

Copyright Illinois Municipal Retirement Fund

Page Last Updated by JC on 06.09.09