The Board of Trustees of the Illinois Municipal Retirement Fund has adopted this Investment Committee Charter.
Purpose
The Investment Committee, as trustees and fiduciaries, is responsible for the proper oversight of the IMRF assets. The committee members shall carry out their functions solely in the interest of the IMRF members and benefit recipients and for the exclusive purpose of providing and defraying reasonable expenses incurred in performing such duties, as required by law.
Composition
The Investment Committee will consist of at least six members of the Board of Trustees. Annually, the President of the Board will appoint the Investment Committee members, Chair and Vice Chair of the Investment Committee and the full Board will approve the Committee Chair, Vice-Chair and committee members for a one-year term.
Meetings
The Committee will meet as necessary. A quorum of at least 5 members must be physically present for all meetings of the Committee. Meetings are subject to the Open Meetings Act. Each meeting agenda will be posted in advance and in accordance with the Illinois Open Meetings Act. Meeting materials will be prepared by Staff and Consultant, as necessary.
Staff will prepare minutes for each meeting. These minutes will serve as a record of proceedings in the form of a non-verbatim report.
Responsibilities
Investment Committee members, as Trustees, shall act in accordance with the provisions of State Statute and with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent man acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of like character with like aims by diversifying the investment of the Fund so as to minimize the risk of large losses, unless under the circumstances it is clearly prudent not to do so.
The Investment Committee of the Board is responsible for the following investment related activities, subject to approval by the Board of Trustees:
- Set the policies, objectives, and guidelines for investment of the Fund’s assets and oversee compliance with investment policy and the laws of Illinois.
- Study thoroughly each issue affecting the Fund’s investments to make educated and prudent decisions.
- Select qualified professionals to assist in implementing investment policies and evaluate their services.
- Consider Staff recommendations for selecting or terminating investment managers.
- Consider investment actions recommended by Staff.
- Evaluate total Fund performance including performance of all investment mandates.
Reporting Responsibilities of the Committee
- Regularly report to the Board about activities, issues and related recommendations.
- Report on any issues relating to its responsibilities.
Other Responsibilities
- Perform any activities related to this charter as directed by the Board of Trustees
Procedures for Amending the Investment Committee Charter
This Charter may be amended by a majority vote of the Board. Recommendations for policy changes should be directed to the Chief Investment Officer. The Chief Investment Officer shall review all such recommendations and is responsible for submitting necessary changes to the Board for approval.
The Investment Committee Charter shall be reviewed annually.