Board certifies Executive Trustee election results
The IMRF Board of Trustees certified the results of the 2018 Executive Trustee election, which saw Sue Stanish re-elected for a second term. Stanish has served on the Board since 2014. She is currently director of finance for the Naperville Park District. She will serve a five-year term as Executive Trustee, from January 1, 2019, through December 31, 2023.
Stanish said at the meeting that she was looking forward to continuing to work with the other Trustees and staff.
IMRF Board reduces assumed rate of return
At its meeting, the Board lowered the amount it assumes IMRF will annually earn on its investment portfolio. At the recommendation of actuarial consultant GRS Retirement Consulting, the Board lowered the assumption from 7.5% net of fees to 7.25% net of fees, effective January 1, 2019. This change is consistent with market trends and actions taken by most public pension funds across the nation.
You can review GRS’ full presentation to the Board here.
Board appoints 2019 officers
The Board appointed the following officers for 2019:
- Alex Wallace, Jr., President
- David Miller, Vice President
- Sharon U. Thompson, Secretary
Annual report on minority manager usage approved
The Board approved a report documenting IMRF’s utilization of investment-management firms and brokers owned by minorities, women, or persons with disabilities. As of September 30, $8.6 of $42.4 billion in IMRF assets were managed by firms owned by minorities, women, or persons with disabilities. That represents 20.47% of the total investment portfolio. IMRF has an aspirational goal of awarding a minimum of 20% of contracts to minority firms.
Since 2013, assets under management by firms owned by minorities, women, or persons with disabilities have increased by about $2.6 billion.
Board sets 2019 meeting dates
The Trustees set the following dates for 2019 Board meetings:
- February 15
- March 22
- May 17
- August 23
- November 22
- December 20
Next Board meeting
The next regular meeting of the IMRF Board of Trustees will be February 15 at 9 a.m. at IMRF’s Oak Brook headquarters.