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
- Completed a $3.8 billion portfolio rebalance with additional funding of the Internally Managed Portfolios.
- Adopted a long-term Asset Allocation Policy and Implementation Plan, as a result of the Asset Liability Modeling study.
Customer Engagement
- Reduced consumption of paper by more than 10.6 million pages. This led to saving more than $1.6 million in paper, printing, and postage costs. IMRF also added 68,177 Member Access accounts, gathered 75,477 email addresses, and acquired 88,260 cell phone numbers.
- Implemented the Call Back Assist (CBA) project for Member and Employer 1-800 numbers. 2022 statistics reflect that 20% of callers requested the automated callback feature.
- Were ranked first among 9 other funds in the annual CEM/CalSTRS member engagement survey for the entire duration of the 2020-2022 plan.
- Implemented new Voice of the Customer survey reviews, which focused on analyzing customer satisfaction, engagement, and effort trends across the last 5 years.
Operational Excellence
- Developed IT Security policies and review and assurance of IMRF’s third-party vendors to validate their security posture and deployment of existing safeguards and controls.
- Deployed enhanced authentication services (i.e., multifactor authentication), identity access management system, resource provisioning, and annual reviews of key systems to support external audit activities.
Workforce Engagement
- Conducted Diversity and Inclusion Workshops for IMRF staff and leaders, and leaders conducted Diversity & Inclusion conversations with their staff around the five inclusive behaviors.
- Continued IMRF’s Leadership Journey by conducting “Change for Leaders” workshops and follow-up sessions.
Board passes resolution
The Board passed the following resolution:
- 2023-02-05(b) Resolution Requiring Minimum Distribution Change due to SECURE Act which sets forth general plan administration rules that ensure compliance with federal tax law regarding required minimum distributions.
New units of government join IMRF
The Board approved the participation of the following new employers:
- City of Mount Sterling
- Troy Fire Protection District
Next Board meeting
The next regularly scheduled Board meeting will be held Friday March 31 at 9 AM at IMRF’s Oak Brook office.