Board Meeting Highlights

Board Room
June 8, 2022

IMRF Annual Valuation presented

Actuaries Gabriel, Roeder, Smith (GRS) and Co. presented IMRF's Actuarial Valuation for 2021 to the IMRF Board of Trustees. The valuation details IMRF's financial position and highlights changes to the demographics of the IMRF membership during the prior calendar year. The valuation also makes recommendations that the Board uses to set employer contribution rates for future years.

IMRF’s average employer cost for 2021 is about 6.55% of payroll, compared to last year’s average of 8.59%.

According to the valuation:

Trustees approve plans for 2022 elections

The Board approved IMRF’s plan for conducting the Trustee election later this year. IMRF employers will elect one Executive Trustee for a five-year term that begins on January 1, 2023. This position opens when Executive Trustee Tom Kuehne’s current term expires on December 31, 2022.

The Trustee election will be administered similarly to past elections. The Board approved a ballot return due date of December 9, 2022, and a ballot counting date of between December 10-12, 2022. IMRF’s website will be updated with the detailed election procedures on June 30.

Board continues working on Triennial Strategic Planning Process

The Board of Trustees and senior leaders continued development of the 2023-2025 Strategic Plan by completing the second step of the formal strategic planning process, STEP and SWOT analyses, during the IMRF Board meeting.

As part of the Societal, Technological, Economic, and Political (STEP) analysis, the Trustees considered macro-environmental factors that could affect IMRF over the next three years.

As part of the Strengths, Weaknesses, Opportunities, and Threats (SWOT) analysis, the Trustees considered characteristics of IMRF and the external environment that could impact the organization over the next three years.

IMRF staff will use the input gathered during the exercise to inform the Strategic Objectives that will be put forward for Board review in August. In June, IMRF staff will complete SWOT analyses with IMRF staff and external stakeholder groups.

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 first 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

Approved the strategic policy rebalancing plan subject to satisfactory legal due diligence and suitable liquidity/market conditions.

Customer Engagement

Continued promotion of Member Access account creation through Fundamentals e-newsletters.

Workforce Engagement

As a follow-up to the Staff Diversity and Inclusion workshops held last December, department leaders began having diversity and inclusion conversations with their staff around the five inclusive behaviors.

Operational Excellence

Formally accepted the 2019 Malcolm Baldrige National Quality Award on Sunday, April 3rd in National Harbor, Maryland. Several IMRF staff members were present for the event. IMRF will continue supporting the Baldrige community with best practice sharing as requested.

New units of government join IMRF

The Board approved the participation of the following new employers:

Next Board meeting

The next meeting of the full IMRF Board of Trustees will be August 19.