IMRF leads in cost-effective customer service, report concludes
IMRF remains a leading North American public pension fund in terms of cost-effective customer service, according to a new report.
Franco Wang, a Director with CEM Benchmarking Inc., told the IMRF Board of Trustees that in 2022 IMRF ranked seventh out of 38 public pensions participating in CEM’s annual study. The CEM study compares public pensions’ customer-service levels and total spending. The study includes some of the largest public pensions in North America.
The CEM report showed IMRF’s:
- total customer service score was 86 (on a scale of 0-100) versus a peer median of 75.
- total cost per member and annuitant of $98 was $42 below the peer average of $140. This came despite operating in the seventh-highest cost environment.
Staff provides update on implementing 2023-2025 Strategic Plan objectives
IMRF Executive Director Brian Collins updated the Board on activities undertaken during the second 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
In May, IMRF staff and our consulting actuaries presented to the Board IMRF’s Actuarial Valuation for 2022.
Customer Engagement
IMRF has continued monthly deep dive reviews of Voice Of the Customer (VOC) surveys throughout the second quarter. These reviews provide an opportunity for the VOC team to analyze customer satisfaction, engagement, and effort trends across the last five years. The Organizational Excellence team meets with the respective survey owners and the Customer Service Director to share results and identify strengths or opportunities for improvement.
Workforce Engagement
Undertook many strategic activities to support workforce engagement, including planning for IMRF’s next staff engagement survey.
Operational Excellence
Expanded the use of enterprise business intelligence tools to key staff in IMRF’s finance, information services, and member services departments.
New employers join IMRF
The Board approved the participation of the following new employers:
- Channahon Fire Protection District
- Robert R. Jones Public Library District
- Village of Ashland
Next Board meeting
The next meeting of the full IMRF Board of Trustees will be November 17.