Topic: | Plan Administration |
Subtopic: | Wire Transfers |
Date: | 3/24/2006 |
Status: | Active |
WHEREAS, the Fund has entered into a Master Trust Agreement with The Northern Trust for the purpose of managing and operating it's investment portfolio, and
WHEREAS, the IMRF Cash Flow Account has been established within the Master Trust as the depository account for transfers from the Regular Account at The Northern Trust, and
WHEREAS, IMRF transfers funds out of the IMRF Master Trust Account to other designated bank accounts for investment purchases or to the Revolving Account for payment of benefits and administrative expenses, and
WHEREAS, the Board determines the appropriate authorizations required in order to transfer funds out of the IMRF Master Trust Account, now, therefore be it
RESOLVED that the following policies must be adhered to when wire transferring funds out of the IMRF Master Trust Account.
I. Investment Allocation Transfers
- Written Transfer Requests
- The transfer request must be supported by a letter from IMRF which is signed by both persons in the following positions:
- Investment Manager
- Director - Investments
- In the absence of one of the above individuals, a second signature should be obtained from one of the following alternate positions:
- Executive Director
- Chief Financial Officer
- Finance Operations Manager
- The transfer request must be supported by a letter from IMRF which is signed by both persons in the following positions:
- Oral Transfer Requests
- Authorized personnel shall use a Customer Identification Number for IMRF as well as a Personal Identification Number to be presented to The Northern Trust as proper identification for the transfer request.
- Personnel in the following positions will be authorized to orally request transfers and will be assigned the above mentioned identification numbers.
- Investment Manager
- Director-Investments
- Executive Director
- The Northern Trust Master Trust department personnel must perform a "call back" to a second authorized position to verify the oral transfer request.
- Investment Manager
- Director-Investments
- Executive Director
- Chief Financial Officer
- A written letter confirming the oral request should be sent to The Northern Trust which is signed by personnel in two of the following positions:
- Investment Manager
- Director-Investments
- Executive Director
- Chief Financial Officer
II. Benefit and Administrative Expense Transfers
The transfer request must be supported by a letter from IMRF which is signed by both persons in the following positions:
- Investment Manager
- Finance Operations Manager
In the absence of one of the above personnel, a second signature should be obtained from one of the following alternate positions:
- Chief Financial Officer
- Director-Investments
- Executive Director
III. Subsequent Changes
- Names and signatures of personnel filling the positions indicated above shall be certified by the Executive Director to The Northern Trust.
- Changes in personnel filling the positions indicated shall be certified by the Executive Director to The Northern Trust.