Board Ethics Policy

Vendor Code of Conduct
Code of Conduct

Code of Conduct for Vendors

Rev. 07/2014
Extracted from Board Resolution 2013-10-05(a)

An additional ethical standard was adopted by the IMRF Board of Trustees, which applies to both the Board members and IMRF staff. It is subject to periodic amendment by the Board of Trustees in its sole discretion.


IMRF is administered by a Board of Trustees comprised of representatives of sponsoring employers, participants and annuitants. The members of the Board of Trustees and IMRF staff hold the highest positions of trust because they are stewards of retirement assets. They are also persons who by their mere position are required to exercise diligence and prudence. Their duties require attention to fiduciary standards. Those fiduciary standards extend to consultants and financial advisors who serve in the administration of the goals and objectives of IMRF.

Mission Statement

(40 ILCS 5/7-102)

It is the mission of this Fund to efficiently and impartially develop, implement and administer programs that provide income protection to members and their beneficiaries on behalf of participating employers in a prudent manner. (Adopted January 28, 1997)

Guiding Principles

  1. Service to the beneficiaries of IMRF is the primary function of the Board of Trustees and IMRF staff.
  2. The Board of Trustees and IMRF staff is ultimately responsible to the beneficiaries of IMRF.
  3. In those situations where the law is not clear, the best interests of IMRF beneficiaries must be served.
  4. Efficient and effective administration and investment management is basic to IMRF.
  5. Safeguarding the trust of fund participants is paramount.
  6. Service to IMRF participants demands fulfilling fiduciary responsibilities.
  7. Timely and energetic execution of fiduciary responsibilities is to be pursued at all times by the IMRF Trustees and staff.