OAK BROOK, Ill. — November 20, 2014 — The Illinois Municipal Retirement Fund (IMRF) demonstrates a commitment to efficient plan administration while delivering top-notch customer service, according to an annual study of North American public pension plans.
Conducted by CEM Benchmarking, Inc., the study ranks 45 pension plans in the U.S. and Canada on their respective abilities to deliver quality service to members. Over the last decade, IMRF has consistently ranked in the top 15 percent of participating public pensions for overall customer service.
IMRF offices are located in the Chicago metropolitan area- the sixth most expensive market profiled in the study. Yet IMRF's total administration cost of $84 per member ranked 23 percent below the study’s average cost of $109 per member. The fund also received a total service score of 85 out of 100, about 12 percent higher than the peer median of 76.
Jan Hartford, director of pension administration benchmarking service at CEM Benchmarking, is impressed by IMRF's ability to keep costs low and service levels high.
"This is excellent performance, especially given its volume of member transactions and the high cost of operating in Chicago. IMRF has a high service score that consistently ranks in the top 10 percent to 15 percent of the North American peer group," Hartford said.
Overall, IMRF ranked above the median in 14 out of 15 measured customer service activities – including pension payment distribution, member counseling and member communication. The fund maintains its high level of customer service while handling 43 percent more transactions than the average pension plan in the United States. These include requests for pension estimates, pension inceptions and disability payments.
"IMRF uses the CEM report to identify customer service best practices from other dynamic pension funds," said Executive Director Louis W. Kosiba. "We are always looking for ways to provide our members with as much information and support as possible. Our new website, for example, is designed with IMRF members in mind."
Scheduled to launch in February next year, highlights of the new site include easier site navigation and a mobile version that will allow easy access to service anytime, anywhere.
ABOUT IMRF
The Illinois Municipal Retirement Fund (IMRF) was created by the Illinois General Assembly. Since 1941, IMRF has partnered with local units of government to provide retirement, disability and death benefits for public employees. With a funded status of 96 percent and $33 billion in assets, IMRF is well-funded and sustainable. Today, IMRF has about 400,000 members and retirees, and serves nearly 3,000 different units of government, including towns and villages, libraries and park districts, and counties and school districts (non-teaching personnel). The average member who retired in 2013 had 22 years of service and received an annual benefit of about $16,500. For more information, visit www.imrf.org