Board approves 2025 death and disability rates
The Board approved death and disability contribution rates for 2025.
The 2025 average death benefit contribution rate will decrease to 0.13% of employer payroll from 0.18% in 2024. The funds are used to pay death benefits for active members who die prior to retirement. IMRF staff made the recommendation to decrease the rate because expenses during 2023 were less than expected.
The 2025 disability benefit contribution rate will decrease to 0.04% of employer payroll from 0.08% in 2024. The rate is the same for all employers. The funds are used to pay temporary and total and permanent disability benefits. IMRF staff made the recommendation to decrease the rate because expenses during 2023 were less than expected.
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 2023-2025 Strategic Plan successes
IMRF Organizational Excellence Officer Michael Everett updated the board on the following 2023 key accomplishments advancing the organization’s strategic plan:
Financial Health
- Completed the triennial assessment of IMRF’s funding policy and identified adjustments.
- Successfully renegotiated with an index provider to lower effective fees.
Customer Engagement
- Fully implemented new technology allowing callers at peak periods to request a callback from IMRF, eliminating the need to wait on hold.
- Used numerous tactics to encourage online account creation resulting in the opening of 21,085 Member Access accounts in 2023.
Operational Excellence
- Made substantial progress preparing for the implementation of IMRF’s new pension administration system during 2024.
- Formally joined the Partnership for Excellence, the Malcolm Baldrige National Quality Award affiliate that serves Illinois.
Workforce Engagement
- Executed many initiatives supporting staff readiness related to the implementation of IMRF’s new pension administration during 2024.
- Selected a vendor to execute workforce engagement surveys.
Board passes resolutions
The Board passed the following resolutions:
- A resolution adopting a revised Actuarial Funding Policy that will be used for the next three years.
- A resolution allowing Statements of Claim in non-disability appeals to be submitted electronically.
- A resolution modifying staff procedures related to blind mailings sent to IMRF members by organizations outside IMRF.
New units of government join IMRF
The Board approved the participation of the following new employers:
- City of Gillespie
- McHenry County Regional Office of Education #44
Next Board meeting
The next regularly scheduled board meeting will be held Friday, April 12, 2024 at 9 AM at IMRF's Oak Brook office.