Board Certifies Election Results
This fall, IMRF conducted elections for multiple Annuitant, Employee, and Executive Trustee positions. The Board certified the election results at its meeting.
Learn more here.
Board Honors Annuitant Trustee Bill Stafford
The Board thanked outgoing Annuitant Trustee Bill Stafford, whose term ended December 31, 2025. Stafford has served as both an Executive Trustee and an Annuitant Trustee. Most recently, he was appointed in early 2025 to fill a vacancy on the Board. During his time as a Board member, Stafford held all officer positions, including President. Stafford has an extensive background in local government, including as the Chief Financial Officer for Evanston Township High School District 202 and Director of Finance for the City of Evanston.
“He has been a wonderful Trustee,” said Board President Gwen Henry.
Board Elects 2026 Officers
The Board elected the following officers for 2026:
- Doug Cycholl, President
- Brian Townsend, Vice President
- Natalie Copper, Secretary
Cycholl has been on the Board since 2024 and is Fire Hydrant Foreman for the City of Springfield. Townsend has been on the Board since 2025 and is Village Manager of Schaumburg. Copper has been on the Board since 2010 and is School-age Childcare Site Coordinator for Dawes School in Evanston School District 65.
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, 2025, $16.7 of $60.2 billion in IMRF assets were managed by firms owned by minorities, women, or persons with disabilities. This represents 28% 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, 2024, to September 30, 2025, IMRF allocated $1.5 billion in new commitments to minority-owned firms.
Since 2002, IMRF has significantly increased its use of minority, women and persons with disability-owned investment managers. The assets managed by minority, women and persons with disability-owned firms increased from $1.2 billion to $16.7 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 Approves Layered Amortization Policy
The Trustees voted to approve a new layered amortization policy.
Pension systems like IMRF adopt a schedule for paying off any unfunded liability. Like a mortgage, the payments are spread over a period of years. IMRF Actuary GRS recommended that IMRF adopt a layered amortization schedule to better align with new actuarial best practices. The recommended policy is more conservative and will pay down any unfunded liability more aggressively, the actuaries said.
Review the Actuaries’ presentation for more details.
Board Sets 2026 Meeting Dates
The Trustees set the following dates for 2026 Board meetings:
- February 27
- March 27
- May 29
- August 28
- November 20
- December 18
New Units of Government Join IMRF
The Board approved the participation of the following new employers:
- Joliet Regional Port District
- Peotone Park District
- South Cook County Mosquito Abatement District
- Village of Beecher City
Next Board Meeting
The next regular meeting of the IMRF Board of Trustees will be Friday, February 27, 2026, at 9 AM.