Board approves the 2022 Annual Comprehensive Financial Report
The Board approved IMRF’s Annual Comprehensive Financial Report (ACFR) for the year ending December 31, 2022. This document contains detailed financial results of IMRF's operations. IMRF's annual reports comply with the accounting requirements of the Governmental Accounting Standards Board (GASB).
IMRF's 2022 ACFR, Popular Annual Financial Report (PAFR), and associated documents are available on IMRF's website. View these documents on the Annual Financial Reports page.
The following documents are located in the Display Annual Documents section of Employer Access:
- 2022 Schedule of Changes in Fiduciary Net Position by Employer
- 2022 Reconciliation Adjustments Schedule
- 2022 IMRF Census Data Attestation Report
IMRF Annual Valuation presented
Actuaries Gabriel, Roeder, Smith (GRS) and Co. presented IMRF's Actuarial Valuation for 2022 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. The 2022 valuation first affects employer rates for 2024.
According to the valuation:
- IMRF experienced a net loss in 2022.
- In 2024, the average employer cost for the Regular Plan will be about 6.65% of payroll, up slightly from 6.55% this year.
- 2025 employer rates will be affected by:
- Continued recognition of $3.9 billion in unrecognized investment losses
- Market volatility in 2023
- A continued increase in Tier 2 members
- Potential ongoing impact of the pandemic
- IMRF is now 98.2% funded, which is well above the national average.
Trustees approve plans for 2023 elections
The Board approved IMRF’s plan for conducting the Trustee elections later this year. IMRF employers will elect one Executive Trustee for a five-year term that begins on January 1, 2024. This position opens when Executive Trustee Sue Stanish’s current term expires on December 31, 2023.
IMRF will also administer an election for one Employee Trustee position with a two-year term beginning January 1, 2024. This position is up for election due to Tracie Mitchell’s resignation from the Board.
The Trustee elections will be administered similarly to past elections. The Board approved a ballot return due date of December 5, 2023, and a ballot counting date of between December 6-12, 2023. IMRF’s website will be updated with the detailed election procedures on June 30.
Board appoints Employee Trustee
The IMRF Board of Trustees appointed Jeffrey A. Stulir as Employee Trustee, filling the vacancy created by Tracie Mitchell’s resignation.
Stulir is a former IMRF Employee Trustee (2012-2015). During his tenure, Stulir served on multiple committees and served as Board Secretary in 2015. After the vote appointing Stulir, Board President Tom Kuehne thanked him for his service. “Jeff will hit the ground running,” Kuehne said, “And we are happy to have him back on the Board.”
Stulir has been an Inmate Services Officer for the Rock Island County Sheriff’s Department since 1989. He also served as a member of the East Moline City Council.
Stulir’s appointment as IMRF Employee Trustee runs through December 31, 2023. This fall, IMRF will hold an Employee Trustee election for a two-year term beginning January 1, 2024.
Staff provides update on implementing 2023-2025 Strategic Plan objectives
IMRF Executive Director Brian Collins updated the Board on activities undertaken during the first quarter in support of the 2023-2025 Strategic Plan. Key successes within each of the Strategic Plan’s Key Result Areas (KRAs) included:
Financial Health
Secured Pitchbook Data tool to provide a comprehensive data analysis of private markets with proprietary research and insights that are not otherwise available to the Investment Department.
Customer Engagement
Modified Callback Assist (CBA) functionality to repeatedly offer a call back from IMRF to callers waiting on hold.
Workforce Engagement
Developed employee engagement action plans tailored for each department based on the 2022 departmental employee engagement survey results and staff input. Leaders record action plan progress and review it with their staff quarterly.
Operational Excellence
Became a member of The Partnership for Excellence (TPE). This is IMRF’s new regional Baldrige program, which replaces ILPEx. IMRF hosted an introductory session with TPE in January. IMRF won the 2019 Malcolm Baldrige National Quality Award, which is the highest level of national recognition for performance excellence that a U.S. organization can receive.
New units of government join IMRF
The Board approved the participation of the following new employers:
- Lake Villa Fire Protection District
- Township Officials of Illinois Risk Management Association (TOIRMA)
- Village of Dieterich
Next Board meeting
The next regularly scheduled Board meeting will be held Friday August 25 at 9 AM at IMRF’s Oak Brook office.