2023 Annual Comprehensive Financial Report Approved
The IMRF Board of Trustees approved the Annual Comprehensive Financial Report (ACFR) for the year ending December 31, 2023. This document contains detailed financial results of IMRF's operations, and complies with the accounting requirements of the Governmental Accounting Standards Board (GASB).
IMRF's 2023 ACFR, Popular Annual Financial Report (PAFR), and associated documents are available on IMRF's website. View these documents on the Annual Financial Reports page.
For IMRF employers, the following documents may be found in Employer Access using the Document Viewer:
- 2023 Schedule of Changes in Fiduciary Net Position by Employer
- 2023 Reconciliation Adjustments Schedule
- 2023 IMRF Census Data Attestation Report
- 2023 Soc 1 Type 2 Report
IMRF Annual Valuation Reviewed
Actuaries Gabriel, Roeder, Smith (GRS) and Co. presented IMRF's Actuarial Valuation for 2023 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 2023 valuation first affects employer rates for 2025.
According to the valuation:
- IMRF investments earned more than $6 billion in 2023.
- IMRF is now 96.6% funded on an actuarial basis, which is well above the national average.
- In 2025, the average employer cost for the Regular Plan will be about 6.99% of payroll, up slightly from the 2024 rate of 6.65%.
Plan for 2024 Trustee Election Approved
The Board approved IMRF’s plan for conducting a Trustee election later this year. IMRF active members will elect one Employee Trustee for a five-year term that begins on January 1, 2025. This position opens when Employee Trustee Natalie Copper’s current term expires on December 31, 2024.
The Trustee elections will be administered similarly to past elections. The Board approved a ballot return due date of December 6, 2024, and a ballot counting date of between December 7-12, 2024. IMRF’s website will be updated with the Board Candidate Packet on July 1.
New units of government join IMRF
The Board approved the participation of the following new employers:
- South Elgin & Countryside Fire Protection District
- Tri-County Regional Planning Commission
- Will County Regional Office of Education
Next Board meeting
The next regularly scheduled board meeting will be held Friday, August 30 at 9 AM at IMRF's Oak Brook office.