Board Reviews New Strategic Objectives, Key Strategies
As part of IMRF’s Triennial Strategic Planning Process, the IMRF Board of Trustees discussed new Strategic Objectives and Key Strategies for the organization. The Strategic Objectives and Key Strategies will serve as the foundation of IMRF’s comprehensive 2017-2019 Strategic Plan, which is set for Board approval in November.
At the August meeting, Deputy Executive Director Dan Duquette said that the Strategic Objectives and Key Strategies were the output of IMRF’s formal strategic planning methodology. The methodology includes multiple steps, beginning with:
- Validating IMRF’s existing Mission, Vision, and Values
- Conducting a Societal, Technological, Economic, and Political (STEP) Analysis and a Strengths, Weaknesses, Opportunities, and Threats (SWOT) Analysis
- Using the results of those analyses to identify IMRF’s Strategic Advantages, Challenges, and Opportunities
- Developing new Strategic Objectives and Key Strategies associated with IMRF’s four Key Result Areas of Financial Health, Customer Engagement, Workforce Engagement, and Operational Excellence
The Board reviewed four Strategic Objectives and 20 associated Key Strategies. IMRF will now develop Action Plans outlining specific steps to be executed to implement the Strategies, Duquette said. Progress on Action Plan implementation will be monitored during IMRF staff’s monthly Leadership Scorecard meetings, and in quarterly update reports to the Board of Trustees.
IMRF Earns High Marks On Customer Service Benchmarking Study
IMRF ranked among the top 16% of North American public pensions in cost-effective customer service, according to a new study.
Rogier Slingerland, a partner with CEM Benchmarking, Inc., told the Board that IMRF ranked highly in CEM’s recent analysis of 44 North American public pension systems. The study evaluates the operating costs and the customer service performance of the systems. Highlights from the report include:
- IMRF ranked 7 out of 44 in overall customer service within the peer group.
- IMRF’s total cost of $91 annually per active member and retiree was $32 below the average peer group cost.
- IMRF provided the most customer-focused online transaction tools within the peer group.
Duquette said that IMRF is committed to continuous process improvement, and will use the study’s findings to identify additional customer service enhancements.
Board Approves Report on Illinois-based Investments
The Board approved the submission of an annual report to Gov. Bruce Rauner and the General Assembly that documents IMRF investments made in Illinois. Highlights from the report include:
- About 40% of IMRF total assets - $13.9 billion - are invested with Illinois-based investment management firms.
- IMRF is invested in 107 real estate properties in Illinois.
- IMRF's private equity portfolio includes 130 Illinois companies.
- Illinois-based brokers executed $1.9 million in brokerage commissions for the 12-month period ending June 30.
Board Approves Administrative Rules To Implement Public Act 99-900
The Board approved certain administrative rules necessary to properly implement Public Act 99-900.
The new law, signed by Gov. Bruce Rauner on August 26, alters IMRF participation requirements for all elected or appointed County Board members in Illinois.
Learn more in IMRF Special Memorandum No. 334.
Board Honors "First Five" Employers
The Board approved resolutions honoring IMRF’s five original participating units of government.
These employers have participated in IMRF since the retirement fund’s first year of operation in 1941. This year marks IMRF’s 75th Anniversary.
The first five employers are:
- The City of Evanston
- The City of Galesburg
- The Village of Riverside
- The City of Rockford, and
- The Rockford Park District
View the first five employers resolutions here.
New Participating Employers
The Board approved the participation of the following new IMRF employers:
- Sheldon Township in Iroquois County
- Arthur Community Park District
- The Village of Crestwood
Next Board Meeting
The next meeting of the IMRF Board of Trustees is November 18 at IMRF’s main office in Oak Brook.