The Board approved 2013 contributions rates for IMRF employers. Certain employers were given the option of the Annual Required Contribution [ARC] or selecting the Board-approved phase-in rate.
Chief Financial Officer Richard DeCleene provided an analysis of employer choices. The following data reflects Regular Plan employers only:
The Board voted to add a proposal to its 2013 Legislative Agenda recommending that the General Assembly remove from the Illinois Pension Code the requirement that IMRF Trustees “hold regular monthly meetings” and propose instead that the Pension Code state the Board “hold at least quarterly regular meetings.” If the statute is amended, the Board can then make other changes to committee charters or other Board policies as it deems necessary.
The Board also adopted a resolution to oppose legislation that creates temporary transfer windows between IMRF and other public pension funds. Typically, temporary transfer windows increase costs for IMRF employers.
Executive Director Louis Kosiba updated the Board on 3rd Quarter progress related to IMRF’s Strategic Objectives. Highlights include:
The Board confirmed the participation of the following new employer:
The next monthly Board meeting will be held at 9 a.m. on Friday, November 16, 2012.
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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 FundPage Last Updated by JK on 11-14-12