Board Resolution 2008-12-21

Meeting room

Topic: IMRF Board
Subtopic: Legislative Activity - Consolidation of the State Funded Systems
Date: 12/19/2008
Status: Inactive

WHEREAS, the Illinois State Treasurer has proposed a consolidation of the trust funds and investment functions of the five State-funded retirement systems, and ethics reforms for those systems; and

WHEREAS, at this time, the proposed consolidation contemplates voluntary inclusion of other Illinois public retirement systems: and

WHEREAS, the Board of Trustees of the Illinois Municipal Retirement Fund supports strong ethics standards for all of the public employee retirement funds in Illinois; and

WHEREAS, the Board of Trustees supports transparency of the investment process at all of the public employee retirement funds in Illinois; and

WHEREAS, the Board of Trustees believes a pension fund investment program must be coordinated with the liabilities of the pension fund for optimum fund management; and

WHEREAS, the consolidation of the trust funds and investment functions of the State-funded systems would preclude such coordination; and

WHEREAS, the Board of Trustees believes the costs of consolidation of the State-funded systems would outweigh any potential cost savings; and

WHEREAS, the Board of Trustees believes the proposed ethics reforms could apply to the current separate investment programs.

NOW THEREFORE BE IT RESOLVED that the Board of Trustees of the Illinois Municipal Retirement Fund supports the ethics and transparency reforms proposed by the State Treasurer; and

BE IT FURTHER RESOLVED that the Board of Trustees is opposed to the consolidation of the investment functions of the five State-funded retirement systems.