Staff updates Board on progress related to IMRF operations
The Board of Trustees heard an update from staff on the considerable progress that has been made to IMRF operations since the organization replaced its secure websites and the behind-the-scenes technology used to administer the pension system.
Staff highlighted many strategic successes since IMRF transitioned to the new systems in March. Some examples of these successes include:
- Collecting all contributions received from employers (more than $932.3 million).
- Delivering all benefit payments (more than $2.4 billion).
- Stabilizing retirement claims processing (processing more claims than applications received for five consecutive months).
- Increasing the number of member calls answered by 84% over the last four months.
- Decreasing the average call hold times for members by 66% over the last four months.
- Decreasing the number of outstanding secure messages from members by 83% over the last four months.
- Supporting the creation of 117,084 Member Access accounts in the new system.
To learn more, watch this video update from IMRF Executive Director Brian Collins.
Board honors retiring Trustee Sue Stanish
The Board passed a Resolution of Appreciation honoring Executive Trustee Sue Stanish. Stanish, who is retiring as Director of Finance for the Naperville Park District, is stepping down from her role at IMRF after serving more than eleven years.
To learn more, click here.
Board appoints Jason Isaac to vacant Employee Trustee position
The Board appointed Jason Isaac as Employee Trustee effective January 1, 2025, filling the vacancy that will be created by Peter Stefan’s appointment to an Executive Trustee position.
To learn more, click here.
Board certifies Natalie Copper for new term as Employee Trustee
The Board certified Employee Trustee Natalie Copper for a new five-year term. Copper was unopposed in an Employee Trustee election planned for fall 2024. Her new term will run from January 1, 2025, through December 31, 2029.
To learn more, click here.
Board elects 2024 officers
The Board elected the following officers for 2025:
- Louis Kosiba, President
- Gwen Henry, Vice President
- Doug Cycholl, Secretary
Kosiba has been on the Board since 2021 and is the retired IMRF Executive Director. Henry has been on the Board since 2009 and is DuPage County Treasurer. Cycholl has been on the Board since 2024 and is Fire Hydrant Foreman for the City of Springfield.
Learn more here about your IMRF Board of Trustees.
Board continues discussion of alternative approaches to setting assumed rate of return
The Trustees continued a discussion from the November and August Board meetings around different approaches to setting IMRF’s assumed rate or return. The impetus for the discussion originally came from Board President Peter Stefan’s proposal to implement a more dynamic and flexible assumed rate of return (ARR). At the December meeting, IMRF Actuary GRS presented a potential new model for setting the ARR. The Trustees had different opinions on the potential new model and directed GRS to include the new model’s potential ARR calculation in the information it provides to the Board next November when it sets the ARR for 2026.
Annual report on minority-manager usage approved
The Board approved a report outlining IMRF's use of investment-management firms and brokers owned by minorities, women, or persons with disabilities. As of September 30, 2024, $14.8 of $56.4 billion in IMRF assets were managed by firms owned by minorities, women, or persons with disabilities. This represents 26% of the total IMRF investment portfolio across domestic equity, fixed income, international equity, private equity, and real estate asset classes. During the period of October 1, 2023, to September 30, 2024, IMRF allocated $357.5 million in new commitments to minority-owned firms.
Since 2002, IMRF has significantly increased its use of minority-owned investment managers. The assets managed by minority-owned firms has increased from $1.2 billion to $14.8 billion over this period.
The Trustees approved the submission of the report to the Illinois Governor and General Assembly as required by the pension code.
Board discusses administrative method for assigning service credit
At the initiative of Board President Peter Stefan, the Trustees discussed whether to modify the administrative method IMRF uses to assign pensionable service credit to members. Stefan suggested that IMRF adjust the current method, which links the assigning of service credit to the employer wage-reporting process. The Trustees agreed that before changing the process, the administrative impact on IMRF employers must be determined. The Trustees said they would not modify the process if doing so causes an administrative burden for IMRF employers. The Board directed IMRF staff to research the proposal and report back at a future meeting on implementation possibilities and potential impacts.
Board sets 2025 meeting dates
The Trustees set the following dates for 2025 Board meetings:
- February 21
- March 28
- May 30
- August 29
- November 21
- December 19
All Board meetings are open to the public and held at IMRF’s Oak Brook office.
Next Board meeting
The next regular meeting of the IMRF Board of Trustees will be Friday, February 21, 2025, at 9 AM.