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Highlights of the October 26, 2012
Board of Trustee Meeting


Board approves 2013 contribution rates

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:

Employers who are on the ARC

2,633 or 87.2%
Average rate for all employers
(4.89% increase from 2012)
12.68%
Average rate for employers with the phase-in rate
(7.49% increase from 2012)
12.79%
Average rate for employers with the ARC
(4.15% increase from 2012)
12.66%
Estimated contribution deferrals for employers with the phase-in rate
$8,834,060
Number of employers with lower 2013 rates
643 or 21.30%

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Board makes addition to 2013 Legislative Agenda; passes resolution opposing temporary transfer windows

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.

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Board hears update on 3rd Quarter Strategic Objectives

Executive Director Louis Kosiba updated the Board on 3rd Quarter progress related to IMRF’s Strategic Objectives. Highlights include:

  • IMRF earned the top score in a July 2012 benchmarking report from the Cobalt Community Research Retirement Benchmarking Program. The survey program compared IMRF’s pension inception process to other public pension systems.

  • IMRF had 100% employee participation in its recent 2012 Employee Engagement Survey. IMRF ranked in the 95th percentile for staff response to the engagement indicator: “I am motivated to give 100% effort at work.”

  • Illinois Performance Excellence (ILPEx) recently completed an analysis of IMRF operations. ILPEx examiners interviewed 83 employees and Trustees. IMRF will use the ILPEx performance report to improve customer service.

  • In 2013, IMRF will begin developing a new Strategic Plan for the years 2014-2016.

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New IMRF employer

The Board confirmed the participation of the following new employer:

  • Philip J. Rock Center and School

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Next Board meeting

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.

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Page Last Updated by JK on 11-14-12