Board Meeting Highlights

Board Room
February 14, 2023

Board approves 2024 death and disability rates

The Board approved death and disability contribution rates for 2024.

The 2024 average death benefit contribution rate will remain at 0.18% of employer payroll, which matches the 2023 rate. The funds are used to pay death benefits for active members who die prior to retirement.

The 2024 disability benefit contribution rate will decrease to 0.08% of employer payroll, from 0.10% in 2023. 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 2022 decreased 62% from 2021 to a new record low in the last 31 years.

IMRF's goal is to maintain a balance in the death benefit and disability benefit reserves equal to one year’s total payments.

Staff provides update on 2020-2022 Strategic Plan’s key accomplishments

IMRF’s Organizational Excellence Officer Michael Everett updated the Board on the key accomplishments of the 2020-2022 Strategic Plan.

Financial Health

Customer Engagement

Operational Excellence

Workforce Engagement

Board passes resolution

The Board passed the following resolution:

New units of government join IMRF

The Board approved the participation of the following new employers:

Next Board meeting

The next regularly scheduled Board meeting will be held Friday March 31 at 9 AM at IMRF’s Oak Brook office.