Board Resolution 2018-12-01

Meeting room

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: