Board Meeting Highlights

Board Room
December 30, 2020

Board certifies Trustee election results

The IMRF Board of Trustees certified the election results for one Executive Trustee, one Annuitant Trustee, and two Employee Trustees. Each of the four elected Trustees will serve a 5-year term, January 1, 2021 to December 31, 2025.

Gwen Henry has been re-elected Executive Trustee. She has served on the IMRF Board since 2009 and is the DuPage County Treasurer. For more information about Trustee Henry, click here.

Louis W. Kosiba has been elected Annuitant Trustee. He was formerly Executive Director for the Illinois Municipal Retirement Fund (IMRF). For more information about Trustee Kosiba, click here.

Tracie M. Mitchell has been elected Employee Trustee. She is an Emergency Communications Specialist for the Central IL Regional Dispatch Center. For more information about Trustee Mitchell, click here.

Peter J. Stefan has been elected Employee Trustee. He is Finance Director for DeKalb County. For more information about Trustee Stefan, click here.

Board appoints 2021 officers

The Board appointed the following officers for 2021:

Executive Trustee Gwen Henry has served on the Board since 2009. She is currently the DuPage County Treasurer. Employee Trustee Natalie Copper has served on the Board since 2010 and is a School-age Child Care Site Coordinator for Dawes School in Evanston School District 65. Executive Trustee Sue Stanish has served on the Board since 2014 and is Director of Finance for the Naperville Park District.

Learn more here about your IMRF Board of Trustees.

IMRF Board adjusts actuarial assumptions

Following the completion of a Triennial Experience Study by actuarial consultant Gabriel Roeder Smith & Company (GRS), the Board made a number of adjustments to certain actuarial assumptions used to calculate IMRF’s long-term pension liabilities.

These changes alter numerous demographic and economic assumptions, including rates of retirement and mortality among IMRF members, and expectations related to price and wage inflation. The Board discussed the possibility of changing IMRF’s investment return assumption, but ultimately made no adjustment.

Any changes to IMRF’s actuarial assumptions are important because they impact how IMRF calculates its long-term pension liabilities. Ultimately, this calculation affects contribution rates from IMRF employers. The net impact of the changes approved in December will be a reduction in the average employer contribution rate in future years. The first year that these changes will put downward pressure on employer contribution rates is 2022. Employers’ Preliminary Contribution Rates for 2022 will be announced in April.

You may review GRS’ full presentation to the Board here.

Target Strategic Asset Allocation Adjusted

The Board approved the following adjustments to IMRF’s target strategic asset allocation for the investment portfolio:

The target allocation for cash holdings will remain at 1% of the portfolio.

IMRF staff recommended the changes following completion of an asset-liability modeling study by consultant Wilshire. The new target strategic asset allocation will go into effect on January 1, 2021.

Annual report on minority manager usage approved

The Board approved a report documenting IMRF’s utilization of investment-management firms and brokers owned by minorities, women, or persons with disabilities. As of September 30, $10.6 of $45.2 billion in IMRF assets were managed by firms owned by minorities, women, or persons with disabilities. This represents 23.4% of the total IMRF investment portfolio across domestic equity, fixed income, international equity, private equity, and real estate asset classes. During the period of 10/01/2019 to 09/30/2020, IMRF allocated $1.38 billion to minority-owned firms.

Board sets 2021 meeting dates

The Trustees set the following dates for 2021 Board meetings:

Next Board meeting

The next regularly scheduled Board meeting will be held Thursday, January 14, at 4 PM.