Financial Results for FY 2022

February 9, 2023

2022 IMRF Assets

IMRF Announces Preliminary Financial Results For FY 2022

IMRF saw a decrease in its investment portfolio in FY2022, but the good news is IMRF’s funded status remained strong.

Financial Highlights

During 2022, IMRF:

These figures are estimates and unaudited. IMRF will share final figures in its Fiscal Year 2022 Annual Comprehensive Financial Report.

IMRF is 98.0% Funded

IMRF Is Nearly 100% Funded

Funded status is a key barometer of a pension plan’s fiscal health. The typical U.S. pension plan is about 74.9% funded, according to the National Association of State Retirement Administrators. IMRF’s 98.0% funded status means it has on hand today nearly all the money needed to pay the entirety of its pension obligations to all current retirees and active workers.

“Our funded status gives us complete confidence in our ability to deliver on our mission of providing retirement, disability, and death benefits to our nearly half a million members,” said Brian Collins, IMRF Executive Director.

Impact on Municipal Government Contributions

There will be some upward pressure on IMRF employer contribution rates in future years. The 2022 investment loss will first impact employer contribution rates in 2024. We do not know yet exactly how it will impact employer contribution rates. This information will be available to IMRF Employers in April when preliminary rate notices for 2024 are distributed.

Employers can be assured that IMRF’s use of the standard industry practice of ‘smoothing’ will help mitigate the impact on employer rates in any one year, because investment gains from prior years remain that IMRF has yet to recognize. For employer rate-setting purposes, this will counteract some of the impact of the 2022 negative investment return.

Market Outlook for 2023

Looking ahead to 2023, we expect continued market volatility due to high interest rates, persistent inflation, and economic fallout from the war in Ukraine.

The good news is that IMRF doesn’t invest the way an individual does, with a target date in mind. We are long-term investors, with a long-term investment time horizon, which means we can weather market downturns.

“By sticking to our proven strategies, the fund will maintain its superior funded status,” Collins said.


Headquartered in Oak Brook, IL., IMRF is the best-funded, statewide public pension plan in Illinois. Since 1941, IMRF has partnered with local units of government to provide retirement, disability, and death/survivor benefits for public employees. With a funded status of 98.0% and $47.9 billion in assets, IMRF is financially sound and sustainable. As Illinois’ second-largest pension plan, IMRF serves more than 442,000 members and more than 3,000 units of government, including counties, cities, towns, villages, libraries, park districts, and non-teaching personnel in local school districts. IMRF’s diversified portfolio includes domestic and international equities, fixed income, real estate, and alternative investments.