| Topic: | Actuarial Assumptions |
| Subtopic: | Funding Policy |
| Date: | 2/23/2024 |
| Status: | Active |
WHEREAS, section 7-187 of the Illinois Pension Code provides the IMRF Board of Trustees with the power to appoint an actuary to perform all necessary actuarial requirements of the Fund; and
WHEREAS, the Board of Trustees is required under section 7-213 of the Illinois Pension Code to make a general investigation, at least once every 3 years, of the experience of the participating IMRF employers as to mortality, disability, retirement, separation, marital status of employees, marriage of surviving spouses, interest and employee earnings rates and to make certain recommendations pertaining thereto; and
WHEREAS, the Board of Trustees has conducted such investigation and recommendations have been made as a result of such investigation pertaining to the actuarial tables to be used for computing annuities and benefits and for determining the premiums for disability and death benefit purposes; and the tables to be used in any regular actuarial valuations.
NOW THEREFORE BE IT RESOLVED that the IMRF Board of Trustees hereby adopts the attached Actuarial Funding Policy for the next three years, retroactive to January 1, 2024.
BE IT FURTHER RESOLVED that the following Board resolutions are hereby superseded: Resolutions 1978-10640; 2016-11-07; 2016-12-08; 2017-11-02; and 2020-12-02.