Board receives annual IMRF Valuation
Actuaries Gabriel, Roeder, Smith (GRS) and Co. presented IMRF's Actuarial Valuation for 2017 to the IMRF Board of Trustees, at the May 18 Board meeting.
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:
- IMRF had $41.3 billion in assets as of 12/31/17.
- IMRF was 92.9% funded on an actuarial basis at the close of the fiscal year.
- The average employer Regular Plan contribution rate will decrease from 11.24% of payroll in 2018 to 9.06% of payroll in 2019.
GRS Senior Consultant Brian Murphy said that IMRF is one of the best-funded public pensions in the United States. Given expected volatility in future financial markets, Murphy recommended that the Board consider any actions to help maintain its strong funded status into the future.
Board approves plan for 2018 Executive Trustee election
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, 2019. The position will open when Executive Trustee Sue Stanish’s term expires at the end of 2018.
IMRF’s website will be updated with the detailed election information for candidates on June 29.
Board approves moving to second phase of technology project
IMRF has embarked on a multi-year program to update its technology platform. Having successfully completed Phase 1, the Board at its May meeting approved moving to Phase 2 of the project that will be focused on defining platform functionality and design.
IMRF is moving cautiously, using a phased approach, and is not expected to complete the project until 2021.
Staff provides update on progress toward 2017-2019 Strategic Plan objectives
The Board received an update 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
- Funding status on actuarial basis increased from 92.9% on December 31, 2017, to 94.8% as of March 31.
Customer Engagement KRA
- Survey results confirm members and employers were highly satisfied with IMRF customer service during the first quarter.
Workforce Engagement KRA
- IMRF executed an internal communication campaign during the first quarter to introduce staff to new Executive Director Brian Collins.
Operational Excellence KRA
- IMRF submitted an application for a 2018 Malcolm Baldrige National Quality Award.
New employers join IMRF
The Board approved the participation of the following new IMRF employers:
- El Paso Library District
- Tazewell County Consolidated Communications
Next Board meeting
The next regular meeting of the IMRF Board of Trustees will be August 24 at 9 a.m. at IMRF’s Oak Brook headquarters.