IMRF ranks near top amongst North American public pensions in cost-effective customer service, report concludes
IMRF continues to be 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 2019 IMRF had either a perfect score or scored above peer median across all measured activities. The CEM annual study compares public pensions’ customer-service levels and total spending. The study includes some of the largest public pensions in North America. The CEM report showed IMRF’s:
- Total customer service score increased from 88 in 2018 to 89 (on a scale of 0-100) in 2019. IMRF’s total customer service score ranked fourth highest of the 44 participating pension funds.
- Total cost per member and annuitant of $93 was $29 below the peer average. This came despite operating in the fourth-highest cost environment.
- The average call wait time decreased by 55 seconds.
"You are among the highest service scores in CEM's universe of U.S. and Canadian Systems compared to peer pension funds.” Mangat said. “You are in the top decile of the CEM universe."
The study helps us identify customer service activities offering improvement possibilities. This is consistent with our ongoing Journey of Excellence initiatives, and with our approach to continuous process improvement. In 2019, IMRF became the first public pension fund in the nation to receive the Malcolm Baldrige National Quality Award.
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:
- About 35% of IMRF total assets—$14.9 billion—are invested with Illinois-based investment management firms and private equity partnerships.
- IMRF is invested in 156 real estate properties in Illinois.
- Illinois-based brokers executed more than $1.3 billion in brokerage commissions for the 12-month period ending June 30.
Resolutions passed by Board
The Board passed the following resolutions:
- Board Resolution 20-08-08(a): Clarifies the enrollment procedures for a retiree that has returned to work for an IMRF employer. Instead of immediately enrolling retirees into IMRF after they return to work in a qualifying position, the employers should wait until the 600 or 1000 hour requirement is met. Also clarifies the return to work date to be used for calculation of hours. See IMRF’s Return to Work page and General Memo 688 for details.
- Board Resolution 20-08-08(b): Changes the ability for members to earn irregular service credit. Effective immediately, employers can no longer enroll employees as irregular. Members currently earning irregular service credit can no longer earn this type of service credit after 12/31/2020. See General Memo 689 for details. We will be following up directly with the employers and members who currently are being reported as earning Irregular Service.
Staff provides update on implementing 2020-2022 Strategic Plan objectives
IMRF Executive Director Brian Collins updated the Board on activities undertaken during the second 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
- In May 2020, the Board approved commitments of up to $32.5 million across two private equity funds and a commitment of up to $50 million to one real estate fund.
Customer Engagement
- Staff converted in-person workshops for retirees into online webinars. Significantly more retirees are attending the online webinars as compared to the in-person workshops, including a July webinar that included 455 retirees.
Workforce Engagement
- IMRF administered its annual survey of employee engagement. The results showed that IMRF employees are highly engaged in their work. The overall results showed that staff engagement levels rank at the 92nd percentile, as compared to organizational peers.
Operational Excellence
- IMRF held a series of planning meetings to analyze feedback from the Malcolm Baldrige National Quality Award examiners, who studied the organization late last year. The purpose of these planning sessions was to review organizational strengths and to identify organizational improvement opportunities.
Next Board meeting
The next meeting of the full IMRF Board of Trustees will be November 13.