Actuary Submits Annual IMRF Valuation
Actuaries Gabriel, Roeder, Smith (GRS) and Co. presented IMRF's Actuarial Valuation for 2025 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 from the Valuation include:
- IMRF is now 97.4% funded on an actuarial basis, which is well above the national average.
- In 2027, the average employer cost for the Regular Plan will be about 6.37% of payroll, down from the 2026 rate of 7.17%.
Plan for 2026 Trustee Election Approved
The Board approved IMRF’s plan for conducting an Executive Trustee election later this year. IMRF will administer the election in the fall, when IMRF employers will elect one Executive Trustee.
The election will be administered similarly to past elections, with a ballot return date in December. IMRF’s website will be updated with the Board Election Candidate Packet by July 1.
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.
Some highlights include:
- IMRF processed 1,758 retirement-related benefits claims in April. This was a record amount for the organization, and significantly exceeded the 2025 monthly processing average of 934 claims.
- IMRF sustained single-digit average weekly hold times for calls placed to our member contact center during April and May. This is a significant improvement over average hold times during 2025.
IMRF anticipates further improvements in customer service after a new cohort of employees complete their training toward the end of the summer.
Staff Provides Update on 2026-2028 Strategic Plan Successes
Staff updated the Board on activities undertaken during the first quarter in support of the 2026-2028 Strategic Plan. Key successes within each of the Strategic Plan’s Key Result Areas (KRAs) included:
Financial Health
Renegotiated with an index service provider to lower effective fees for the internally managed portfolio.
Customer Engagement
Completed a customer journey mapping workshop with IMRF staff to better understand customer service pain points.
Operational Excellence
Completed a review of IMRF’s separation refund core business process, identifying action items to increase business efficiency and customer service.
Workforce Engagement
Moved into IMRF’s new headquarters at 800 Commerce in Oak Brook without disruption to customer service.
New units of government join IMRF
The Board approved the participation of the following new employers:
- Jackson County Mass Transit District
- Millstadt Library District
- Veterans Assistance Commission of Ogle County
Next Board meeting
The next regularly scheduled board meeting will be held Friday, August 28 at 9 AM at IMRF's Oak Brook office.