Board Meeting Highlights

Board Room
December 3, 2021

Board approves 2022 rates

The Board approved IMRF employer contribution rates for the 2022 calendar year. The rates, which are unique to each IMRF employer, are expressed as a percentage of payroll. The average employer contribution rate for the Regular Plan will decrease from 10.62% in 2021 to 8.59% in 2022. IMRF employers may access their 2022 Final Rate Notice in Employer Access.


Actuarial consultant reviews funding policy

Following the completion of a comprehensive annual review, independent actuary GRS Retirement Consulting recommended no changes to IMRF’s existing funding policy. IMRF’s funding policy, which is set by the IMRF Board of Trustees, puts in place a plan to accumulate the assets required to pay future benefits. It includes the set of procedures IMRF uses to determine annual contributions from employers. It also defines IMRF’s funding status goal, which is to achieve 100% funding. GRS formally reviews the funding policy each year and may recommend adjustments to the Board.


As part of the 2021 review, GRS examined IMRF’s demographic and economic assumptions, its approach to amortizing liabilities, and the organization’s asset allocation targets. GRS also considered the coronavirus pandemic’s impact on IMRF retirement, hiring, and mortality trends. At the conclusion of its report, GRS told the Trustees that IMRF remains one of the best-funded public pensions in the nation.


Board passes resolutions

The Board passed the following resolutions:


Staff provides update on implementing 2020-2022 Strategic Plan

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

In August, the Board approved up to $245 million in commitments to private equity funds and up to $150 million to real estate funds.


Customer Engagement

IMRF completed a project to enhance the disability-related content on our website. This allowed IMRF to redesign its disability mailer, which will reduce paper consumption and mailing costs.


Workforce Engagement

Each IMRF department developed employee engagement action plans tailored to their department, based on the 2021 departmental employee engagement survey results.


Operational Excellence

IMRF delivered organization-wide cybersecurity training to ensure staff have the knowledge and awareness to detect potential cyber threats.


New units of government join IMRF

The Board approved the participation of the following new employers:


Next Board meeting

The next regular meeting of the IMRF Board of Trustees will be December 17 at 9 a.m.