Board Meeting Highlights

Board Room
June 9, 2017

Actuaries provide IMRF Annual Valuation

Actuaries Gabriel, Roeder, Smith (GRS) and Co. presented IMRF's Actuarial Valuation for 2016 to the IMRF Board of Trustees.

The valuation details IMRF's financial position and highlights changes to the demographics of the IMRF membership during the prior calendar year. The valuation also makes recommendations that the Board uses to set employer contribution rates for future years.

According to the valuation:

GRS Senior Consultant Brian Murphy commended the IMRF Board of Trustees for both maintaining relatively stable contribution rates for IMRF employers, and at the same time ensuring adequate contributions are being made to fund current and future obligations.

“IMRF is in great financial condition,” Murphy said. “This is something everyone can be proud of.”

Some demographic highlights from the valuation include:

Number of All IMRF Members As of 12/31/16 As of 12/31/15
Tier 1 Active 117,962 125,563
Tier 2 Active 56,873 48,269
Retirees 122,086 117,028
Inactive 132,213 141,236
Total 429,134 432,096

Number of IMRF Active Members As of 12/31/16 As of 12/31/15
Regular Plan 170,527 169,431
SLEP Plan 4,143 4,167
ECO Plan 165 234
Total 174,835 173,832

2017 Executive Trustee election plan approved

The Board approved IMRF’s plan for conducting an Executive Trustee election later this year.

IMRF employers will elect one Executive Trustee for a five-year term beginning January 1, 2018. The position will open when Executive Trustee Tom Kuehne’s term expires at the end of 2017.

IMRF’s website will be updated with the detailed election information on June 30.

Staff provides update on implementing 2017-2019 Strategic Plan objectives

IMRF Executive Director Louis W. Kosiba updated the Board on activities undertaken during the first quarter in support of the 2017-2019 Strategic Plan. Key successes within each of the Strategic Plan’s Key Result Areas (KRAs) included:

Financial Health KRA:

Customer Engagement KRA:

Workforce Engagement:

Operational Excellence:

Resolution passed involving participation of Appointed Officials

The Board adopted a resolution requiring all governing bodies, whose members are appointed, to pass a resolution affirming that those members—if they are eligible for IMRF participation—meet the IMRF hourly standard.

This new rule was adopted by the Board due to the difficulty of determining how many hours of duty are required for appointed members of a governing body.

For more detailed information, see IMRF Special Memorandum #339.

New units of government join IMRF

The Board approved the participation of the following new employer:

Next Board meeting

The next regular meeting of the IMRF Board of Trustees will be August 18 at 9 a.m. at IMRF’s Oak Brook headquarters.