Board Resolution 2020-12-16(a)

Meeting room

Topic: IMRF Board
Subtopic: Board Travel Policy
Date: 12/18/2020
Status: Active

Trustees shall serve without compensation, but shall be reimbursed for any reasonable expenses incurred in attending meetings of the Board and in performing duties on behalf of the Fund and for the amount of any earnings withheld by any employing municipality or participating instrumentality because of attendance at any Board Meeting.

General Policies- Board of Trustees

  1. Trustees are fiduciaries, accountable to the beneficiaries of the Fund, who serve without compensation and/or financial gain.
  2. "Reimbursement" of reasonable expenses means IMRF will pay back to the Trustee such expenses he or she incurs as a result of his or her activities as a Board Member subject to dollar limits adopted in this policy by the Board.
  3. "Documented" means submission of factual or substantial support for expenses acceptable to the internal auditor. Receipts for items of $25.00 or more are required.
  4. Typically, travel is limited to one day before and after the event scheduled dates. However, an exception is allowed to travel earlier or later when there is a savings to IMRF in an amount which exceeds the cost of an additional night’s stay plus meals and incidental expenses, as determined by the Board.
  5. Board Members are encouraged to use credit cards to pay expenses. If an IMRF credit card is needed, the Trustee is to request a credit card in advance of the travel to the full Board of Trustees. Issuance of a credit card to a Trustee is permitted with Board approval. Any Trustee can request a credit card as long as it is properly placed on a Board agenda and approved by a vote of five Board members. Credit cards will be activated by the Chief Financial Officer upon request for each travel event and subsequently deactivated ten days after the travel event.
  6. When a Trustee travels on Fund Business by commercial airlines, he or she may stop over at other cities as long as the airfare does not exceed the cost of economy plus fare obtained with a two week advance purchase or such other advance purchase standard recognized at that time by the airline industry. No expenses at such other cities are reimbursable.
  7. Trustees can use IMRF office telephones for any purpose. While traveling on Fund Business, Trustees will be reimbursed for all business calls. Personal call reimbursement limits appear in "Incidental Expenses" for use of personal cellular phones, if itemized.
  8. Trustee travel expenses: Trustees shall submit requests for reimbursement of travel expenses within 30 days of the event for proper reimbursement and accountability.
  9. Trustee employer reimbursements: Requests for reimbursements to the Trustee's employer should be submitted on a timely basis. Requests submitted more than 30 days after the close of a calendar year will be submitted to the Board for approval.
  10. Trustee travel must have prior approval by the Board of Trustees. Trustees shall submit travel requests to be placed on a Board Meeting Agenda for Board action. Trustee travel expense reports are to be reviewed by the Chief Financial Officer and the Internal Audit Officer for conformance to this policy. Any issues will be addressed with Trustee, the Board President, and the Executive Director.
  11. Tips are limited to a maximum of 20% of item of service received (i.e. taxi, meals, etc.).
  12. Receipts for expense reports are to be turned into Accounts Payable, including itemized credit card receipts. IMRF business expenses are subject to the Freedom of Information Act (FOIA), and IMRF must have proper documentation.

Board and Committee Meetings

  1. Transportation Expenses: Actual transportation expenses are reimbursable. For use of a personal automobile, reimbursement of mileage will be at the current amount permitted by the Internal Revenue Service publication.
  2. Lodging: Board Members residing within 50 miles from the meeting place will receive no reimbursement for lodging for a one day meeting. For a two day meeting, lodging for one night will be reimbursable. Lodging reimbursement will be limited to the government rate or, if not available, a hotel within 5 miles of the IMRF office. For Board Members residing more than 50 miles from the meeting place, normally one night’s lodging is reimbursable. However, if travel arrangements necessitate two nights, lodging will be reimbursed. One additional night’s lodging before or after the meeting may be reimbursed if there is a medical need.
  3. Meals reimbursement: Actual meal expenses are reimbursable up to $100.00 per day.
  4. Incidental Expenses: Reasonable tips (no more than 20%), personal phone calls, and other incidentals not specified above shall be reimbursed up to a limit of $25.00 per day for those days when overnight lodging is reimbursable.

Other Events- Board of Trustees

  1. Limitations: Trustees are permitted to attend two out-of-state and two in- state events per calendar year: conferences, seminars, investments seminars, and client conferences. There are no limits on attending IMRF programs and other events organized by IMRF staff, speaking engagements related to IMRF, and meetings with members of the Illinois General Assembly. No foreign travel is permitted.
  2. Transportation Expenses: Actual transportation expenses shall be reimbursed, but the amount reimbursable shall not exceed economy plus airfare. For automobile travel, reimbursement of mileage will be at the current amount permitted by the Internal Revenue Service. Automobile travel reimbursement cannot exceed the highest airfare incurred by a Trustee attending the event, or if no other Trustee attends, then to an amount equal to airfare charges based on a two week advance purchase or such other advance purchase standard recognized at that time by the airline industry, plus the normal and reasonable charges which would have been incurred for transportation to and from the airport, parking, tolls and cabs/transportation at the destination.
  3. Lodging: Reimbursement for lodging shall be limited to event hotels at rates for double rooms. For events, reimbursement shall be allowed for one day prior through the one day after the event period only at the event hotel. If a Trustee’s personal choice is to stay at a different hotel, reimbursement will be limited to the government rate or event hotel rate.
  4. Meals reimbursement: Actual meal expenses are reimbursable up to $100.00 per day.
  5. Incidental Expenses: Reasonable tips (limited to 20%), personal phone calls, and other incidentals not specified above shall be reimbursed up to a limit of $25.00 per day for those days when overnight lodging is reimbursed.

U.S. General Services Administration (GSA) Per Diem

In lieu of the meal and incidental expense reimbursement limits set forth above, a trustee, in his or her discretion, may elect reimbursement following the GSA per diem without submitting documentation or receipts. This election applies to the entire travel event indicated and is not a permanent election.