OAK BROOK, Ill. -- The Government Finance Officers Association (GFOA) awarded the Illinois Municipal Retirement Fund (IMRF), with the Certificate of Achievement for Excellence in Financial Reporting for an annual document that was submitted earlier this year. The comprehensive annual financial report (CAFR) shares high-level, organizational facts and figures for fiscal year 2016.
Earning 43 awards, IMRF is in the highest percentile of winners. Out of thousands of annual entries, IMRF holds a top-ten spot among all-time award recipients, according to GFOA’s online records. The state’s second-largest and best-funded statewide public pension plan joins a select group of other Illinois public entities acknowledged by GFOA for “the highest form of recognition in governmental accounting and financial reporting and its attainment represents a significant accomplishment by a government and its management.”
“I am so proud of our Finance and Communications teams,” Executive Director Louis W. Kosiba said. “At IMRF, we are the stewards of the dollars contributed by our members and Illinois taxpayers – transparency is key.”
Judged by an impartial panel, the GFOA says that a winning CAFR must show a “spirit of full disclosure to clearly communicate its financial story and motivate potential users and user groups to read the CAFR.”
IMRF’s Chief Financial Officer, Mark Nannini, calls this recognition “another step to show how financially sound IMRF is for members and employers.” Every year, Nannini leads the CAFR team in producing clear, colorful, and comprehensive documents that transform numbers and charts into an easy-to-understand, informative page-turner.
“This award reflects their dedication, excellent work and commitment to provide accurate and useful information,” Kosiba continued. “The IMRF Board of Trustees and staff members are honored to receive this recognition from the GFOA.”
In addition to the certificate for the comprehensive report, IMRF also received the Award for Outstanding Achievement in Popular Annual Financial Reporting for the fifteenth time. The popular annual financial report (PAFR) is prepared for the general public, with fewer pages, fewer technical elements, and more relatable terminology.
GFOA, a professional association established in 1906, represents people in financial management throughout the United States and Canada, including appointed and elected local, state/provincial, and federal finance officials.
Learn more about IMRF, read this year’s award-winning CAFR and PAFR, and review previous issues, here. For interviews with Louis W. Kosiba and Mark Nannini about the importance of clear, governmental financial reporting and positive news about an Illinois public pension plan, contact Nisa Neely at nneely@imrf.org or 630-706-4511.
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