Board establishes Strategic Objectives for new Strategic Plan
The Board adopted the following Strategic Objectives as part of a new Strategic Plan for 2026-2028:
- Financial Health Key Result Area (KRA): To achieve and maintain a funding level that sustains the plan.
- Operational Excellence KRA: To provide efficient and effective service at a reasonable cost.
- Customer Engagement KRA: To foster and maintain engaged members and employers.
- Workforce Engagement KRA: To foster and maintain an engaged workforce.
The objectives set long-term, high-level goals for the organization to work toward. IMRF staff set metrics to measure attainment of the objectives and then build corresponding action plans to accelerate progress. The Board is scheduled to approve the entire 2026-2028 Strategic Plan at its November meeting.
Staff provides update on 2023-2025 Strategic Plan successes
Staff updated the Board on activities undertaken during the second quarter in support of the 2023-2025 Strategic Plan. Key successes within each of the Strategic Plan’s KRA's included:
Financial Health
- Published the 2024 Actuarial Valuation and 2024 Gain/Loss Analysis.
Customer Engagement
- Surveyed employers regarding their experience with the Employer Access secure website.
Operational Excellence
- Made substantial progress improving Contact Center hold times.
Workforce Engagement
- Prepared for executing the annual IMRF employee engagement survey.
IMRF benchmarked against peers in recent survey of public pensions
IMRF had low costs and median service compared to peers during 2024, according to a new report from CEM Benchmarking.
The CEM report compared a group of 41 public pensions, including some of the largest systems in North America. The annual report analyzed the systems’ total spending and customer service levels during 2024.
The CEM report showed IMRF’s total cost per member and annuitant was $116 during 2024, which was $43 below the average, or about 27% less than most other funds. These low costs came despite operating in one of the highest-cost environments in the peer group. In addition, IMRF attained a total customer service score equal to the peer median.
IMRF’s performance came during a year when the organization undertook a project to replace the technologies it uses to administer its benefits system. Service levels have stabilized since the transition and continue to rise. IMRF will continue to improve service levels during 2025, with a focus on improving Contact Center operations and our secure websites for members and employers.
Board passes resolution
The Board passed the following resolution:
- A resolution changing the return-to-work rules for SLEP annuitants who return to work as school security guards.
New units of government join IMRF
The Board approved the participation of the following units of government:
- Harlem Roscoe Fire Protection District
- Intergovernmental Personnel Benefit Cooperative
- Posen Park District
- Reading Township
- Resource Sharing Alliance
- Village of Clifton
- Village of Sidney
Next Board meeting
The next regularly scheduled Board meeting will be held Friday, November 21 at 9 AM at IMRF’s Oak Brook office.