Topic: | Actuarial Assumptions |
Subtopic: | Interest Rates/Funding Policy |
Date: | 12/14/2018 |
Status: | Active |
WHEREAS, Pursuant to Section 7-182 of the Illinois Pension Code, the IMRF Board has the authority to establish effective and prescribed rates of interest as defined by Section 7-123 and 7-124 respectively; and
WHEREAS, Pursuant to Section 7-213 of the Illinois Pension Code the IMRF actuary is the technical advisor to the board and is responsible for general funding policy recommendations as well as recommending both the prescribed and effective rates of interest; and
WHEREAS, the IMRF actuary has recommended reduction of the assumed rate of return which impacts both the prescribed and effective rates of interest; and
NOW THEREFORE BE IT RESOLVED by the Board of Trustees of the Illinois Municipal Retirement Fund:
- That the actuarial assumption set forth throughout the IMRF Funding Policy (Resolution
2016-12-08 ) is hereby amended:
- Assumed Investment Return is changed from 7.5% to 7.25%
- That based on the change to the assumed investment return, the effective and prescribed rates of interest are changed from 7.5% to 7.25%.
- That this resolution shall be effective on January 1, 2019.