| Topic: | IMRF Board |
| Subtopic: | Legislation - Emergency Authority |
| Date: | 3/25/2011 |
| Status: | Active |
WHEREAS, Section 7-174 of the Illinois Pension Code creates a Board of Trustees to carry out the provisions of Article 7 of the Pension Code, including the responsibility of providing a sound and efficient system for the payment of annuities and other benefits to certain officers and employees, and their beneficiaries, or municipalities; and
WHEREAS, the Board of Trustees has adopted Strategic Objectives that include achieving a funding level whereby IMRF is in the top 10% on a market value basis, as measured versus a universe of public pension funds with a December 31st year end; and
WHEREAS, one of the key strategies for this Objective is to continue to educate and advocate the prudent man rule and the 100% funding principles and to defend against adverse legislation; and
WHEREAS, in support of this strategy, the Board has determined that IMRF staff must respond immediately to any legislative proposals that would negatively impact the IMRF 100% funding goal or the Board's autonomy to invest under the prudent man rule or to set employer contribution rates.
NOW, THEREFORE, BE IT RESOLVED, that the Board of Trustees authorizes the IMRF staff to oppose any legislative proposals that would reduce the IMRF funding goal to anything less than 100%, or interfere with the Board's authority to set employer contribution rates, or to invest the Fund's assets under the prudent man rule, or otherwise interfere with the Board's authority to administer the IMRF plan.
BE IT FURTHER RESOLVED that staff is directed to contact the Board immediately when any such legislation is introduced with a report on a staff's activities related thereto.