Board approves 2024 rates
The Board approved IMRF employer contribution rates for the 2024 calendar year. The rates, which are unique to each IMRF employer, are expressed as a percentage of payroll. The average employer contribution rate for the Regular Plan for 2024 will be 6.65%, as compared to 6.55% in 2023.
IMRF employers may access their 2024 Final Rate Notice in Employer Access.
Board hears Triennial Experience study results
The report from actuary Gabriel, Roeder, Smith & Co. (GRS) compares prior actuarial assumptions to IMRF’s actual experience over a three-year period from January 1, 2020, to December 31, 2022, and considers future trends. The results of the study inform the setting of actuarial assumptions in future years. These actuarial assumptions are necessary to calculate the fund’s liabilities, and ultimately, to determine employer contribution rates.
The Demographic Assumptions include:
- Rates of retirement for active members
- Rates of withdrawal (quitting) for active members
- Rates of disability for active members
- Merit and longevity pay for active members
- Mortality for active members, retirees, and beneficiaries
The Economic Assumptions include:
- Long-term rates of investment return
- Long-term rates of growth of total payroll (also called wage inflation)
- Price inflation
The actuaries recommended no change to the economic assumptions and only minor adjustments to the demographic assumptions. Overall, these assumption adjustments project to put slight downward pressure on IMRF liabilities and employer contributions in future years.
GRS actuary Mark Buis said that IMRF is a financially sound public pension system.
“The fund has performed very well,” Buis said. “With a funded status of 98%, you are the envy of all the plans in Chicagoland, if not the country.”
Staff provides quarterly update on 2023-2025 Strategic Plan’s implementation
IMRF Executive Director Brian Collins updated the Board on activities undertaken during the third 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
Actuary GRS completed the Triennial Experience Study
Customer Engagement
Continued marketing initiatives encouraging members to create and utilize Member Access accounts
Workforce Engagement
Determined the timing of IMRF’s next employee engagement survey
Operational Excellence
Drafted an RFP for enterprise risk management consulting services
New units of government join IMRF
The Board approved the participation of the following new employers:
- Village of Altona
- Village of Oakwood
- Monroe County Road District
- Monroe Randolph Transit District
Next Board meeting
The next regular meeting of the IMRF Board of Trustees will be December 15 at 9 AM..