Oak Brook, Ill. -- The Illinois Municipal Retirement Fund (IMRF), the state’s second-largest and best-funded public pension plan, is commemorating 75 years of service to public service workers in Illinois with special visits to its initial partners.
IMRF began operations on Jan. 1, 1941 with five original participating units of government, also known as the “First Five” employers:
- City of Evanston
- Village of Riverside
- City of Galesburg
- Rockford Park District
- City of Rockford
Executive Director Louis W. Kosiba and other representatives from IMRF are visiting with each employer during the months of September and October, attending respective council meetings or board meetings. Each of the “First Five” will receive a special token of appreciation for their trailblazing participation in the fledgling plan in 1941.
“Our success was founded on the trust and the dedication of your leaders. Without those bold, first steps into the unknown and your dedication to public service, we wouldn’t have the opportunity to celebrate this magnificent milestone,” Kosiba said.
IMRF works with almost 3,000 local units of government across Illinois, including cities, villages, counties, school districts, townships and various special districts, such as parks, forest preserves and sanitary districts.
In 1941, the plan began with 910 members and a $5,000 U.S. Treasury Bond. Fast forward to 2016, as Pensions & Investments magazine recognized IMRF as one of the largest retirement plans in the United States – earning a top 50 ranking out of 1,000 plans – with more than 174,000 active members, 118,000 retirees, and $34.5 billion in assets.
IMRF’s latest economic impact study shows that the retirement system paid $1.49 billion in benefits to Illinois residents last year. Using multipliers from the Bureau of Economic Analysis of the U.S. Department of Commerce, these payouts generated $2.18 billion in statewide economic activity.
Today, the average IMRF member retires at 63 years old and is expected to live another 15-20 years. With approximately 100,000 benefit recipients living in the state, the 2015 report also shows that IMRF pension spending helped support 15,653 Illinois jobs. About $599.7 million in total earnings for Illinois workers is attributable to IMRF retirees spending pension payments in Illinois.
As we celebrate our 75th anniversary, we’re proud to salute the historic “First Five” organizations that helped lay the foundation for our valuable, shared partnerships.
“When you think about it, back in 1941, the idea of joining a pension plan must have seemed quite risky. With no in-state predecessors or data, our original employers took giant leaps of faith, and for that, we’re very grateful. We’re also proud that our partnerships are still going strong and we look forward to another 75 years,” Kosiba said.
