New Strategic Objectives, Key Strategies reviewed with Board
As part of IMRF’s Triennial Strategic Planning Process, the IMRF Board of Trustees discussed four Strategic Objectives and ten supporting Key Strategies for the organization. The Strategic Objectives and Key Strategies will serve as the foundation of IMRF’s comprehensive 2023-2025 Strategic Plan, which will be rolled out later this year. IMRF staff reported that the Objectives and Strategies were the output of IMRF’s formal strategic planning methodology. The methodology includes multiple steps, beginning with:
- Validating IMRF’s existing Mission, Vision, and Values
- Conducting a Societal, Technological, Economic, and Political (STEP) Analysis and a Strengths, Weaknesses, Opportunities, and Threats (SWOT) Analysis with various stakeholders
- Using the results of those analyses to identify IMRF’s Strategic Advantages, Challenges, and Opportunities
- Developing Strategic Objectives and Key Strategies associated with IMRF’s four Key Result Areas of Financial Health, Customer Engagement, Workforce Engagement, and Operational Excellence
IMRF will now develop Action Plans outlining specific activities to be executed to implement the Key Strategies. Staff will finalize the 2023-2025 Strategic Plan document, based around the four Strategic Objectives and ten Key Strategies, for presentation at the November Board meeting. Progress on Action Plan implementation will be monitored during IMRF staff’s monthly Leadership Scorecard meetings and in quarterly update reports to the Board of Trustees.
Staff provides update on implementing 2020-2022 Strategic Plan objectives
IMRF Executive Director Brian Collins updated the Board on activities undertaken during the second quarter in support of the 2020-2022 Strategic Plan. Key successes within each of the Strategic Plan’s Key Result Areas included:
Financial Health
Wilshire, IMRF’s Investment Consultant, presented the 2021 Annual Private Market Portfolio Performance Review and Pacing studies.
Customer Engagement
IMRF has made staffing adjustments to provide better customer service for members and employers.
Workforce Engagement
All leaders completed a two-part “Change Leadership” class in support of our “Leading Change” leadership competency. Leaders held diversity and inclusion conversations with their staff.
Operational Excellence
IMRF provided all authorized users of IMRF systems with cybersecurity awareness training. All staff were challenged with simulated phishing campaigns to validate their knowledge and capability to identify malicious email and content.
Board passes resolutions
The Board passed the following resolutions:
- 2022-08-07 Resolution allowing waiver of employer reporting fees and interest: Allows the waiver of employer delinquency fees for the six-month period following the release of IMRF’s new technology system for paying IMRF contributions.
- 2022-08-08 Resolution concerning Accelerated Payments: Changes the schedule of when the CPI-U figure is implemented.
New units of government join IMRF
The Board approved the participation of the following new employers:
- City of Nauvoo
- Greater Egypt Planning and Development Commission
- Illinois Police Pension Investment Fund
- Pleasant Township
- Village of Danvers
Next Board meeting
The next meeting of the full IMRF Board of Trustees will be November 18.