Board Resolution 2013-05-12

WHEREAS, section 7-198 of the Illinois Pension Code authorizes the Board of Trustees of the Illinois Municipal Retirement Fund to establish rules necessary or desirable for the efficient administration of the Fund; and

WHEREAS, IMRF is a unit of government required to purchase various goods and services; and

WHEREAS, it is appropriate that the Board of Trustees adopt rules for purchasing necessary goods and services.

NOW THEREFORE BE IT RESOLVED that the following shall govern all non-investment related purchasing by IMRF.

1. The funding for all purchases must be included in the current administrative budget;
2. Formal bids must be requested for purchases of products and services whose total cost will be $10,000 and over;
3. The Board of Trustees must approve the selection of the winning bid or approve a purchase from a sole source vendor before a contract is awarded or the original purchase order written for $25,000 or more;
4. The contract or purchase order will usually be awarded to the lowest responsible bidder, but exceptions may be allowed;
5. Informal bids are required for purchases under $10,000.
6. Where practical, IMRF will use preferred vendors contracted by the State of Illinois Department of Central Management Services Joint Purchasing Program.