Board Meeting Highlights

Board Room
June 4, 2020

IMRF Annual Valuation presented

Actuaries Gabriel, Roeder, Smith (GRS) and Co. presented IMRF's Actuarial Valuation for 2019 to the IMRF Board of Trustees. 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:

Some demographic highlights from the valuation include:

Number of IMRF Members As of 12/31/19 As of 12/31/18
Tier 1 Active 96,333 103,159
Tier 2 Active 81,462 73,364
Retirees 136,707 131,963
Inactive 146,866 141,817
Total 461,368 450,303

Number of IMRF Members As of 12/31/19 As of 12/31/18
Regular Plan 173,584 172,335
SLEP Plan 4,118 4,088
ECO Plan 93 100
Total 177,795 176,523

Trustees approve plans for 2020 elections

The Board approved IMRF’s plan for conducting Trustee elections later this year. IMRF active members will elect two Employee Trustees, IMRF retirees will elect one Annuitant Trustee, and IMRF employers will elect one Executive Trustee, all for five-year terms that begin on January 1, 2021. The terms of Employee Trustees Alex Wallace, Jr., and Trudy Williams; Annuitant Trustee William Stafford; and Executive Trustee Gwen Henry all expire at the end of 2020. IMRF’s website will be updated with the detailed election procedures on June 30.

Board passes resolutions

The Board passed the following resolutions:

Staff provides update on implementing 2020-2022 Strategic Plan objectives

IMRF Executive Director Brian Collins updated the Board on activities undertaken during the first quarter in support of the 2020-2022 Strategic Plan. Key successes within each of the Strategic Plan’s Key Result Areas (KRAs) included:

Financial Health KRA

Approved more than $510 million in commitments to five firms across the public markets, private equity, and real estate asset classes, including up to $350 million to Minority and/or Women-owned Business Enterprise (MWBE) firms.

Customer Engagement KRA

Debuted a new digital version of the Fundamentals newsletters for members, allowing the delivery of more timely and targeted content, as well as reducing printing/postage costs and paper consumption.

Workforce Engagement

Continued execution of department-level Action Plans to support the high level of staff engagement at IMRF.

Operational Excellence

Eight IMRF staff members participated in virtual training on the Baldrige Criteria for Performance Excellence.

Next Board meeting

The next meeting of the full IMRF Board of Trustees will be July 30.