Actuary Submits Annual IMRF Valuation
Actuaries Gabriel, Roeder, Smith (GRS) and Co. presented IMRF's Actuarial Valuation for 2024 to the IMRF Board of Trustees. The valuation details IMRF's financial position and changes to IMRF demographics during the prior calendar year. The valuation also makes recommendations that the Board uses to set future employer contribution rates.
Highlights include:
- IMRF investments earned more than $4.4 billion in 2024.
- IMRF is now 95.8% funded on an actuarial basis, which is well above the national average.
- In 2026, the average employer cost for the Regular Plan will be about 7.17% of payroll, up slightly from the 2025 rate of 6.99%
“IMRF has one of the best funded statuses in the country for statewide retirement systems,” said GRS actuary Mark Buis. “That keeps contribution rates stable and on the low side.”
Board appoints Vice President, Secretary
The Board appointed the following officers for 2025:
- Douglas Cycholl, Vice President
- William Stafford, Secretary
Employee Trustee Cycholl has served on the Board since 2024, and he is a Fire Hydrant Foreman for the City of Springfield. Annuitant Trustee Stafford was recently appointed to the position to fill a vacancy. He previously served as Executive Trustee from 2009 to 2015, and as Annuitant Trustee from 2019-2020. He is the retired Chief Financial Officer for Evanston Township High School District 202.
Executive Trustee Gwen Henry is the Board President for 2025.
Learn more here about your IMRF Board of Trustees.
Plan for 2025 Trustee Election Approved
The Board approved IMRF’s plan for conducting Trustee elections later this year. IMRF will administer five Trustee elections for six Trustee positions in the fall. Active members will elect two Employee Trustees; annuitants will elect one Annuitant Trustee; and employers will elect three Executive Trustees.
The Trustee elections will be administered similarly to past elections, with ballot return dates in December. IMRF’s website will be updated with the Board Election Candidate Packet by July 1.
Board continues working on Triennial Strategic Planning Process
The Board of Trustees and senior leaders continued development of the 2026-2028 Strategic Plan by completing the next step of the formal strategic planning process, STEP and SWOT analyses, during the IMRF Board meeting.
As part of the Societal, Technological, Economic, and Political (STEP) analysis, the Trustees considered macro-environmental factors that could affect IMRF over the next three years.
As part of the Strengths, Weaknesses, Opportunities, and Threats (SWOT) analysis, the Trustees considered characteristics of IMRF and the external environment that could impact the organization over the next three years.
IMRF staff will use the input gathered during the exercise to inform the Strategic Objectives that will be put forward for Board review later this year.
The process will culminate at the end of the year with the formal adoption and implementation of the 2026-2028 IMRF Strategic Plan.
Board hears update on progress related to IMRF operations
Staff updated the Board on recent progress 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 2024. Some examples of these successes include:
- Collecting contributions received from employers (more than $1.5 billion).
- Delivering benefit payments to members (more than $3.8 billion).
- Supporting the creation of more than 160,000 Member Access accounts in the new system.
- Receiving more than 1 million clicks in the online Member and Employer Learning Hubs
In addition, during the month of May, the weekly average hold time for callers to the Member Contact Center decreased to as low as 12 minutes. Also in May, an operational update video from IMRF Executive Director Brian Collins received more than 2,000 views, and IMRF distributed a digital newsletter to more than 145,000 members.
New units of government join IMRF
The Board approved the participation of the following new employers:
- Cambridge Public Library District
- Jo Daviess Carroll CTE Academy
- Lake County Regional Office of Education
Next Board meeting
The next regularly scheduled board meeting will be held Friday, August 29 at 9 AM at IMRF's Oak Brook office.