Board Meeting Highlights

Board Room
September 12, 2019

New Strategic Objectives, Key Strategies reviewed with Board

As part of IMRF’s Triennial Strategic Planning Process, the IMRF Board of Trustees discussed four Strategic Objectives and six supporting Key Strategies for the organization. The Strategic Objectives and Key Strategies will serve as the foundation of IMRF’s comprehensive 2020-2022 Strategic Plan, which will be rolled out later this year. IMRF staff reported that the Objectives and Strategies were the output of IMRF’s formal strategic planning methodology. The methodology includes multiple steps, beginning with:

IMRF will now develop Action Plans outlining specific activities to be executed to implement the Key Strategies. Staff will finalize the 2020-2022 Strategic Plan document, based around the four Strategic Objectives and six Key Strategies, for presentation at the November Board meeting. Progress on Action Plan implementation will be monitored during IMRF staff’s monthly Leadership Scorecard meetings, and in quarterly update reports to the Board of Trustees.

IMRF ranks sixth amongst North American public pensions in cost-effective customer service, report concludes

IMRF is one of the leading public pensions in North America in terms of cost-effective customer service, according to a new report.

Kam Mangat, a Vice President with CEM Benchmarking Inc., told the IMRF Board of Trustees that in 2018 IMRF ranked sixth out of 43 public pensions that participate in CEM’s annual study. The CEM study compares public pensions’ customer-service levels and total spending. The study includes some of the largest public pensions in North America, including the California Public Employees’ Retirement System and the Teachers Retirement System of Texas. The CEM report showed IMRF’s:

“You are in that sweet spot,” Mangat said. “You have very strong service and cost metrics, despite higher transactions, higher complexity, and a higher cost environment.”

Board approves report to Governor on IMRF’s Illinois-based investments

The Board approved the submission of an annual report to Gov. J.B. Pritzker and the General Assembly that details IMRF investments made in Illinois.

Highlights from the report include:

Resolutions passed by Board

The Board passed the following resolutions:

Staff updates Board on legislation

IMRF staff discussed the bills impacting IMRF that passed the General Assembly during the spring session. None of the bills were opposed by IMRF. No bills related to pension fund consolidation progressed during the spring session.

For more information on these and other bills that may impact IMRF, see IMRF’s website.

Latest phase of technology modernization project complete, staff reports

IMRF staff reported the successful completion of Phase 3 of a four-phase project to modernize the technologies and processes IMRF uses to administer its pension system. The first three project phases involved designing the new system, purchasing necessary hardware and software, and building the virtual environment needed to test the new systems. Phase 4 involves building, testing, training, and rolling out the new systems. The new systems, which will go online in 2021, will improve the way employers and members interact with IMRF. For example, more transactions will go online, enabling faster and more modern communication. More information will be shared with employers and members as the project progresses.

Board honors retiring Deputy Executive Director

The Board passed a Resolution of Appreciation honoring Deputy Executive Director Dan Duquette, who is retiring at the end of September.

Duquette has worked for IMRF for more than 29 years. During his tenure, he supported three different Executive Directors and more than 35 Trustees. Duquette played a foundational role in the establishment of many of IMRF’s core programs and processes, and provided leadership to the vast majority of IMRF’s employees and departments, including Human Resources, Benefits, Disability, Member Services, Field Services, Office Services, Information Services, and Performance Excellence.

Duquette thanked the Board and IMRF staff for its commitment to providing the highest quality retirement services for its members and employers.

“IMRF is well positioned for continued success with a strong leadership team. We have a great staff of dedicated employees, who will do whatever is needed to serve our membership,” Duquette said. “I have great confidence in each of you to lead the IMRF team to even higher heights.”

New units of government join IMRF

The Board approved the participation of the following new employers:

Next Board meeting

The next regular meeting of the IMRF Board of Trustees will be November 22 at 9 a.m. at IMRF’s Oak Brook headquarters.