Board Meeting Highlights

Board Room
January 5, 2022

Board certifies Trustee election results

The IMRF Board of Trustees certified the Executive Trustee election results.

David Miller has been re-elected Executive Trustee, running unopposed. He has served on the IMRF Board since 2015 and is the Executive Director of the North Shore Water Reclamation District. He will serve a 5-year term from January 1, 2022 to December 31, 2026.

Board appoints 2022 officers

The Board appointed the following officers for 2022:

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 Tom Kuehne has served on the Board since 2013. He works as the Finance Director/Treasurer for the Village of Arlington Heights. Employee Trustee Peter Stefan has been on the Board since January. He is the Finance Director/Treasurer for the Village of Lake in the Hills.

Learn more here about your IMRF Board of Trustees.

IMRF Board accepts actuarial audit

Earlier this year, IMRF retained Cavanaugh Macdonald Consulting, LLC (CMC) to review the December 31, 2020 valuation and related work performed by IMRF and actuarial consultant Gabriel Roeder Smith & Company (GRS).

The purpose of an actuarial audit is to double check the retained actuary’s technical work, and to ensure that mathematical processes are being carried out correctly and appropriately. The actuarial audit process also provides a means for the Board to receive a second perspective from another experienced consulting firm.

As described in the report, CMC determined that the actuarial methods, assumptions, processes, and reports are consistent with the applicable Actuarial Standards of Practice and their understanding of GASB Statement No. 68.

Annual report on minority manager usage approved

The Board approved a report documenting IMRF’s use of investment-management firms and brokers owned by minorities, women, or persons with disabilities. As of September 30, $12.1 of $54.9 billion in IMRF assets were managed by firms owned by minorities, women, or persons with disabilities. This represents 22% of the total IMRF investment portfolio across domestic equity, fixed income, international equity, private equity, and real estate asset classes. During the period of October 1, 2020, to September 30, 2021, IMRF allocated $1.3 billion to minority-owned firms.

The IMRF Board of Trustees approves the submission of this report to the Illinois Governor and General Assembly as required by the pension code.

Board passes resolutions

The Board passed the following resolutions:

Board sets 2022 meeting dates

The Trustees set the following dates for 2022 Board meetings:

Next Board meeting

The next regular meeting of the IMRF Board of Trustees will be Friday, January 14 at 9 a.m.