| Topic: | Plan Administration |
| Subtopic: | Master Trust Account, Revolving Account |
| Date: | 12/18/2015 |
| Status: | Active |
WHEREAS, section 7-195.1 of the Illinois Pension Code authorized the establishment of a revolving account to be used for the purpose of making payments of benefits and administrative expenses, and
WHEREAS, the Funds required to reimburse these payments are transferred out of the IMRF Master Trust Account at The Northern Trust into the Revolving Account at The Northern Trust Bank, and
WHEREAS, from time to time IMRF may require a transfer out of the Revolving Account back to the Master Trust Account, and
WHEREAS, the Board determines that appropriate authorizations be required in order to transfer funds out of the bank accounts, now therefore be it
RESOLVED that the following policies must be adhered to when transferring funds out of the Revolving Account.
- Transfers out of the Revolving Account are only to be made to the IMRF Master Trust Account.
- The transfer request must be supported by a letter from IMRF which is signed by personnel in two of the following positions:
- Investment Officer-Operations
- Comptroller
- Chief Financial Officer
- Chief Investment Officer
- Executive Director
- Names and signatures of personnel in the positions indicated above shall be certified by the Executive Director.
- Changes in personnel filling the positions indicated shall be certified by the Executive Director.