Board approves 2023 death and disability rates
The Board approved death and disability contribution rates for 2023.
The 2023 average death benefit contribution rate will increase to 0.18% of employer payroll, from 0.16% in 2022. The funds are used to pay death benefits for active members who die prior to retirement. Estimated 2021 expenses were greater than 2020 by almost 17%.
The 2023 disability benefit contribution rate will increase to 0.10% of employer payroll, from 0.08% in 2022. The rate is the same for all employers. The funds are used to pay temporary and total and permanent disability benefits. Estimated permanent disability transfers for 2021 increased 32% from 2020.
IMRF's goal is to maintain a balance in the death benefit and disability benefit reserves equal to one year’s total payments.
Board completes first step of Triennial Planning Process
The Board of Trustees and senior leaders kicked off development of the 2023-2025 Strategic Plan by completing the first step of the formal strategic planning process during the IMRF Board meeting.
This systematic process facilitates discussion and agreement between the Board of Trustees and management on the appropriate direction for the Fund.
The strategic planning process requires IMRF to confirm the current:
- Mission: Does it answer, “Why does our organization exist?”
- Vision: Does it tell us “What do we want for our membership?”
- Values: Do they represent the priorities in how IMRF carries out activities with key stakeholders?
The Board discussed whether these statements remain appropriate and relevant in providing direction for the Fund. The Board voted “yes” unanimously.
Learn more about IMRF’s Mission, Vision, and Values.
The triennial planning process includes 11 additional steps, including completing a Strengths, Weaknesses, Opportunities, and Threats (SWOT) Analysis with internal and external stakeholder groups; establishing measurable Strategic Objectives; and aligning IMRF’s operational Leadership Scorecard with those objectives. The process will culminate at the end of the year with the formal adoption and implementation of the 2023-2025 IMRF Strategic Plan.
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 November, the Investment Committee received a portfolio rebalance update. Wilshire Advisors provided an educational session on setting the portfolio’s asset allocation approach and related assumptions.
Customer Engagement
Staff completed a project to enhance website content related to Qualified Illinois Domestic Relations Orders (QILDRO). This allowed IMRF to eliminate our QILDRO booklet from our website and streamline our QILDRO mailer, reducing future paper consumption and mailing costs.
Workforce Engagement
IMRF continued to execute tactics to support the engagement and retention of newly hired staff. These tactics include “welcome calls” from leaders to new hires, having the Executive Director meet with all new employees on their first day and 30 days later, new hire check-ins with their next higher-level leader as well as Human Resources, and executing a new hire survey.
Operational Excellence
IMRF developed a centralized and comprehensive Information Technology (IT) risk repository to identify and continuously monitor all inherent risks and to define the risk profile of the organization, as it relates to the use of IT services.
Next Board meeting
The next regularly scheduled Board meeting will be held Friday March 25, at 9 AM.