Bright Spot in the Land of Lincoln
The Illinois Municipal Retirement Fund (IMRF) – the best-funded statewide pension plan in Illinois – is celebrating its commitment to transparency during Sunshine Week (March 13-19), a national initiative to promote open government and freedom of information.
"Our senior leadership has prioritized truly transparent and readily accessible information."
Executive Director
Louis W. Kosiba
IMRF Executive Director Louis W. Kosiba said that Sunshine Week offers IMRF the opportunity to better educate its stakeholders – members, retirees, employers, and taxpayers – about tools available to learn more about IMRF finances and operations. In addition, through publicizing IMRF’s effort to increase clarity, the organization hopes to encourage other Illinois units of government to adopt similar best practices.
"At IMRF, we fully support the public’s right to know when it comes to government," Kosiba said. "With all eyes on government spending in our state and beyond, we’re proud to be a bright spot among the nation’s pension plans during Sunshine Week and all year long."
IMRF implements "Transparency Portal," online FOIA System
Over the course of the last year, IMRF implemented two key strategies aimed at increasing transparency. The first was the launch of a "Transparency Portal" on our website, which provides easy access to key public documents, including:
- IMRF’s Comprehensive Annual Financial Report (CAFR) and Popular Annual Financial Report (PAFR), which is a simplified version of the CAFR written for the lay reader.
- IMRF’s Annual Operating Budget, which details revenue, expenditures, investments and fees, and planned capital projects.
- IMRF employee compensation information for any position with a total compensation package of $75,000 or more.
- IMRF’s Ethics Code, which establishes that all staff members are fiduciaries, stewards of IMRF assets, required at all times to make decisions in the best interest of IMRF members and employers.
- A summary of the type of member and employer data available through the Freedom Of Information Act (FOIA).
Last year, IMRF also implemented an online FOIA Request System, to make it easier for members of the general public to get the information they want about IMRF. The system answers common questions related to the FOIA law, walks users through the filing process, provides deadlines for when information will be provided, and archives all requests in a searchable database.
"Our senior leadership has prioritized truly transparent and readily accessible information. Information brings knowledge and empowers all of us to make better decisions at home, at work and on election days – which is great for the entire state of Illinois," Kosiba said. "As this commitment filters through IMRF, we expect transparency to remain an integral part of our culture as we serve our members and retirees."
IMRF also encourages open and honest communication among members, retirees and participating units of government through all of its portals of engagement. IMRF has a robust social media program, including Twitter (@TheIMRF) and Facebook (TheIMRF). Kosiba also actively reaches out to external stakeholders to share information, conducting media interviews and public speaking engagements.
