IMRF Ethics Code

An additional ethical standard was adopted by the IMRF Board of Trustees, which applies to both the Board members and IMRF staff. It is subject to periodic amendment by the Board of Trustees in its sole discretion.

ETHICS CODE FOR THE BOARD OF TRUSTEES AND STAFF
OF THE ILLINOIS MUNICIPAL RETIREMENT FUND

Preamble
IMRF is administered by a Board of Trustees comprised of representatives of sponsoring employers, participants and annuitants. The members of the Board of Trustees and IMRF staff hold the highest positions of trust because they are stewards of retirement assets. They are also persons who by their mere position are required to exercise diligence and prudence. Their duties require attention to fiduciary standards. Those fiduciary standards extend to consultants and financial advisors who serve in the administration of the goals and objectives of IMRF.

Mission Statement (40 ILCS 5/7-102)
It is the mission of this Fund to efficiently and impartially develop, implement and administer programs that provide income protection to members and their beneficiaries on behalf of participating employers in a prudent manner.

Effective May 25, 2000

Guiding Principles

1. Service to the beneficiaries of IMRF is the primary function of the Board of Trustees and IMRF staff.
2. The Board of Trustees and IMRF staff are ultimately responsible to the beneficiaries of IMRF.
3. In those situations where the law is not clear, the best interests of IMRF beneficiaries must be served. Conscience is critical. Good ends never justify immoral means.
4. Efficient and effective administration and investment management is basic to IMRF. Misuse of influence, fraud, waste or abuse is unacceptable conduct.
5. Safeguarding the trust of fund participants is paramount. Conflicts of interest, bribes, gifts or favors which subordinate IMRF Trustees or staff to private gains are unacceptable.
6. Service to IMRF participants demands special sensitivity to the qualities of justice, courage, honesty, equity competence and compassion.
7. Timely and energetic execution of fiduciary responsibilities is to be pursued at all times by the IMRF Trustees and staff.

Ethics Policy Table of Contents

Guiding Principles with Interpretations

• Article I "Service to the participants of IMRF is the primary function of the Board of Trustees and IMRF staff."
  
  
• Article II "The Board of Trustees and IMRF staff are ultimately responsible to the participants of IMRF."
  
  
• Article III "In those situations where the law is not clear, the best interests of IMRF participants must be served. Conscience is critical. Good ends never justify immoral means."
  
  
• Article IV "Efficient and effective administration and investment management is basic to IMRF. Misuse of influence, fraud, waste, or abuse is unacceptable conduct."
  
  
• Article V "Safeguarding the trust of fund beneficiaries is paramount. Conflicts of interest, bribes, gifts or favors which subordinate IMRF Trustees or staff to private gains are unacceptable."
  
  
• Article VI "Service to IMRF participants demands a special sensitivity to the qualities of justice, courage, honesty, equity, competence, and compassion."
  
  
• Article VII "Timely and energetic execution of fiduciary responsiblities is to be pursued at all times by IMRF Trustees and staff."

Standards of Conduct and Conflict of Interest

Policy on Business and Educational Functions