Board approves 2021 rates
The Board approved IMRF employer contribution rates for the 2021 calendar year. The rates, which are unique to each IMRF employer, are expressed as a percentage of payroll. In nearly all cases, these match the preliminary rate notices that were sent out in March.
IMRF employers may access their 2021 Final Rate Notice in Employer Access.
Board hears Triennial Experience study results
The report from actuary Gabriel, Roeder, Smith & Co. (GRS) compares prior actuarial assumptions to IMRF’s actual experience over a three-year period from January 1, 2017, to December 31, 2019, and considers future trends. You may review the GRS presentation to the Board here.
IMRF relies on certain demographic and economic assumptions to estimate the fund’s liabilities, and ultimately, to determine employer contribution rates.
Demographic Assumptions include:
- Rates of retirement for active members
- Rates of quitting for active members
- Rates of disability for active members
- Merit and longevity pay for active members
- Mortality for active members, retirees, and beneficiaries
Economic Assumptions include:
- Long-term rates of investment return to be generated by the assets of the Fund
- Long-term rates of growth of total payroll (also called wage inflation)
- Price inflation
The Board will consider adjustments to some of these assumptions at its December 18 Board meeting. Any changes will first impact employer contribution rates in 2022. You may register to attend an online broadcast of the December Board meeting here.
Board passes new resolutions
The Board passed three new resolutions:
- Board Resolution 2020-11-12(a) defines the time period for which a benefit election may be changed and provides certain exceptions to the benefit election rule. The new resolution adds the ability to take a refund of annuitized voluntary additional contributions, even if the retiree has received three or more periodic payments.
- Board Resolution 2020-11-12(b) provides rules for the participation of governing body officials and other elected officials. The new resolution removes the information about how elected officials can obtain prior service with a newly participating IMRF employer.
- Board Resolution 2020-11-12(c) updates and simplifies the process for elected officials to obtain prior service credit for prior service with a newly participating IMRF employer.
Staff provides update on implementing 2020-2022 Strategic Plan objectives
IMRF Executive Director Brian Collins updated the Board on activities undertaken during the third 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
Between July and August, the Board approved up to $725 million in commitments to nine funds in the private equity, fixed income, international equity, and public markets asset classes.
Customer Engagement
The first Member and Employer workshop webinars were conducted in the month of September. Survey results have been favorable. IMRF will analyze the results more deeply during the 4th quarter to ensure the new webinar format is meeting the needs of our members and employers.
Workforce Engagement
Department leaders worked with their staff to develop employee engagement action plans designed to further improve the IMRF work environment.
Operational Excellence
As a Malcolm Baldrige National Quality Award winning organization, IMRF continues to share best practices via conference attendance and virtual meetings with organizations requesting feedback. During this quarter, Brian Collins presented at two Baldrige virtual conferences.
New units of government join IMRF
The Board approved the participation of the following new employers:
- Burnside Water District
- Honey Creek Township
Next Board meeting
The next regular meeting of the IMRF Board of Trustees will be December 18 at 9 a.m. You may register to attend an online broadcast of the December Board meeting here.