Staff provides update on 2017-2019 Strategic Plan;
Board completes first step of Triennial Planning Process
IMRF staff delivered an update on activities and metrics supporting the 2017-2019 IMRF Strategic Plan. During 2019, IMRF will execute 16 Action Plans aligned with one of four Key Result Areas (KRAs):
- Financial Health
- Customer Engagement
- Workforce Engagement
- Operational Excellence
As part of the discussion, the Board completed the first step of the triennial process to develop a new Strategic Plan for the organization. This first step involved examining and affirming IMRF’s existing Mission statement, Vision statement, and organizational values. The triennial planning process includes 11 additional steps, including completing a Strengths, Weaknesses, Opportunities, and Threats (SWOT) Analysis with internal and external stakeholder groups; establishing measurable Strategic Objectives; and aligning IMRF’s operational Leadership Scorecard with those Objectives. The process will culminate at the end of the year with the formal adoption and implementation of the 2020-2022 IMRF Strategic Plan.
Board approves 2020 death and disability rates
The Board approved death and disability benefit rates for 2020.
The 2020 average death benefit rate will change from 0.09% to 0.12% of employer payroll. The rate varies by employer according to the age of its workforce. The funds are used to pay death benefits for active members who die prior to retirement.
The 2020 disability benefit rate will change from 0.08% to 0.09% of employer payroll. The rate is the same for all employers. The funds are used to pay temporary disability benefits.
IMRF's goal is to maintain a balance in the death benefit and disability benefit reserves equal to one year’s total payments.
Staff projects 2019 "13th Payment"
Each July, eligible retirees and surviving spouses receive a Supplemental Benefit Payment, also known as the “13th Payment.” IMRF staff estimated that the 2019 13th Payment will be 27% of a retiree’s June benefit payment. This is a decrease from 28% in 2018.
The 13th Payment is funded by an annual employer contribution equal to 0.62% of payroll. The 13th Payment amount is decreasing annually because the number of retirees continues to outpace the growth in employer payroll.
2019 Board Committees established
The Board set the following committees for 2019:
Audit Committee
- Gwen Henry, Chair
- Trudy Williams, Vice Chair
- Tom Kuehne
- Sue Stanish
- Alex Wallace, Jr.
Benefit Review Committee
- Natalie Copper, Chair
- David Miller, Vice Chair
- Tom Kuehne
- Sharon U. Thompson
- Alex Wallace, Jr.
Investment Committee
- Sue Stanish, Chair
- Tom Kuehne, Vice Chair
- Natalie Copper
- Gwen Henry
- Dave Miller
- Sharon U. Thompson
- Alex Wallace, Jr.
- Trudy Williams
Legislative Committee
- Sharon U. Thompson, Chair
- Dave Miller, Vice Chair
- Natalie Copper
- Trudy Williams
- Alex Wallace, Jr.
Board passes resolutions
The Board passed the following resolutions:
- Board Resolution 2019-02-11(a): Clarifies the eligibility requirements for candidates seeking election to the IMRF Board of Trustees.
- Board Resolution 2019-02-11(b): Creates a ruling limiting the total amount of public comments at Board meetings to extend no longer than 30 minutes.
- Board Resolution 2019-02-11(c): Clarifies and improves the current non-disability appeal procedures.
New unit of government joins IMRF
The Board approved the participation of the following new employer:
- City of Petersburg
Two Board meetings in March
The Board’s regularly scheduled meeting is March 22 at 9 a.m. at IMRF’s Oak Brook headquarters. The Board scheduled a special meeting in Oak Brook on March 15 at 9 a.m. to discuss the various legislative proposals before the Illinois General Assembly related to consolidating downstate police and fire pension systems.