Board approves 2022 death and disability rates
The Board approved death and disability benefit rates for 2022.
The 2022 average death benefit rate will stay at 0.16% of employer payroll. The funds are used to pay death benefits for active members who die prior to retirement.
The 2022 disability benefit rate will decrease to 0.08% of employer payroll, from 0.09% in 2021. The rate is the same for all employers. The funds are used to pay temporary disability benefits.
IMRF's goal is to maintain a balance in the death benefit and disability benefit reserves equal to one year’s total payments.
Staff provides update on implementing 2020-2022 Strategic Plan objectives
IMRF Executive Director Brian Collins updated the Board on activities undertaken during the fourth 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 December, the Board approved the staff recommendation to adjust the IMRF investment portfolio’s target asset allocation. Effective, January 1, 2021, the portfolio’s target asset allocation includes 39% to domestic equity, 15% to international equity, 25% to fixed income, 10% to real estate, 10% to alternative investments, and 1% to cash.
Customer Engagement
IMRF’s remote Contact Center call taking functionality was fully tested and implemented with great success. IMRF now has full capabilities to answer calls remotely, mitigating the risk of shutting down the Contact Center in the future.
Workforce Engagement
To better articulate the business rationale for senior leader decisions, IMRF executed an internal communications campaign in November regarding the web-centric project to transition to online Annuitant Statements, and in December around the web-centric project to transition away from printed benefit booklets.
Operational Excellence
IMRF started planning for the 2021 Baldrige Virtual Quest Conference. IMRF is responsible for recording presentations that share best practices across six of the Baldrige categories. Brian Collins will also provide a presentation on IMRF and participate in a live Q&A session.
Executive search firm hired to help find new Chief Investment Officer
The Board of Trustees approved a proposal to engage EFL Associates, an executive search firm, in assisting Board of Trustees committee and staff in the hiring of a new Chief Investment Officer due to the departure of Dhvani Shah.
The search committee includes trustees Sue Stanish (chairperson), Tom Kuehne, Gwen Henry, Louis Kosiba, and Natalie Copper, as well as public members Bill Stafford, Paul Rafac, and investment consultant Steve Foresti from Wilshire Consulting. Any committee recommendations will be brought to the full board for a vote.
The board’s intent is to conduct a nationwide search. Key steps in the process will include reviewing and revising the CIO job description as needed; defining a timeline for making a hiring decision; interviewing candidates; and negotiating a final contract.
New units of government join IMRF
The Board approved the participation of the following new employers:
- Village of Bonnie
- Village of Southern View
Next Board meeting
The next regularly scheduled Board meeting will be held Friday March 26, at 9 AM.