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:
- The market value of IMRF's assets was approximately $44.9 billion as of 12/31/19.
- IMRF was approximately 91% funded on an actuarial basis as of 12/31/19.
- The average employer Regular Plan contribution rate will decrease from 10.91% of payroll in 2020 to 10.62% of payroll in 2021.
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:
- Board Resolution 2020-05-10(a): Establishes certain separation of service requirements.
- Board Resolution 2020-05-10(b): Supersedes prior resolutions on accelerated payments and creates a single resolution with all relevant Board rules.
- Board Resolution 2020-05-10(c): Supersedes prior resolutions on the definition of earnings and consolidates them into a single resolution.
- Board Resolution 2020-05-10(d): Rescinds certain outdated resolutions.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.