Board certifies candidates for Executive, Employee Trustee elections
The IMRF Board of Trustees certified candidates for the 2012 IMRF Executive and Employee Trustee elections.
Executive Trustee Election (One position, five-year term)
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David C. Miller, Assistant General Manager and Deputy Treasurer, North Shore Sanitary District
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Tom Kuehne, Finance Director/Treasurer, Village of Arlington Heights
Employee Trustee Election (One position, three-year term)
Ballots for the Executive Trustee election will be mailed to Authorized Agents or governing bodies on October 18. Voted ballots must be received at IMRF’s Oak Brook office by 4:30 p.m. December 13.
Ballots for the Employee Trustee election will be mailed to IMRF members on October 31 with the winter edition of the Fundamentals newsletter. Voted ballots must be received at IMRF’s Oak Brook office by 4:30 p.m. December 7.
The IMRF Board of Trustees will certify the results of both elections at its December Board meeting.
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Staff to draft a formal funding policy
IMRF staff will seek Board approval in November for a comprehensive funding policy.
The policy, which will formalize longstanding practices at IMRF, will help minimize confusion among IMRF employers following the release of new guidance on accounting and reporting practices in Governmental Accounting Standards Board (GASB) Statement No. 68.
Executive Director Lou Kosiba and Chief Financial Officer Dick DeCleene told the Board that IMRF plans to continue to use the Annual Required Contribution (ARC) calculation embedded in GASB Statement No. 27 to determine employer contribution rates. The proposed approach is consistent with actuarial best practices, supports IMRF’s 100% funding goal, maintains intergenerational equity, and minimizes disruptions to employers. IMRF will obtain feedback from employers before bringing the policy to the Board for approval at its November meeting.
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Next Board meeting
The next monthly Board meeting will be held Friday, October 26, in Oak Brook, IL.
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