IMRF Board Certifies 2016 Election Results
The IMRF Board of Trustees certified the results of the 2016 Board elections, which saw two incumbent Trustees retain their positions.
Executive Trustee David Miller, Deputy Executive Director and Treasurer for the North Shore Water Reclamation District, was re-elected to the Board by IMRF employers. Miller will serve a five-year term of office, from January 1, 2017, through December 31, 2021.
Miller, who first joined the Board in 2015, said he is eager to continue serving public employees across Illinois.
“My primary objective as Trustee has been, and will continue to be, to protect the significant investments made in IMRF by local governments, participants, and taxpayers by ensuring that those investments are not compromised during negotiations in Springfield to address the failure of the State’s pension systems after many years of mismanagement and funding abuse,” Miller said.
The Board also certified current Trustee Alex Wallace, Jr., Bus Driver for Oswego Community Unit School District 308, as the winner of the Employee Trustee election. Wallace will serve a four-year term of office, from January 1, 2017, through December 31, 2020.
Wallace, who was appointed in July to fill a vacancy on the Board, said he is grateful for the opportunity to serve.
“I am humbled and honored to have been elected to serve as a Trustee by the IMRF pension stakeholders,” Wallace said. “It is a duty that I hold in high esteem, and I will do my fiduciary best.”
Board Appoints Officers For 2017
The Board appointed the following Officers for 2017:
- Sue Stanish, President
- Natalie Copper, Vice President
- David Miller, Secretary
Learn more here about your IMRF Board of Trustees.
Board Approves Comprehensive Funding Policy
The Board approved a comprehensive actuarial funding policy for IMRF.
The document, which consolidates previously approved policies, will make periodic review and analysis of the actuarial policy simpler.
Highlights from the document include:
- A summary of key actuarial assumptions
- Funding objectives
- Method of valuation
- Method of asset smoothing
- Amortization method
- Assumed Investment Return
- Funding target
- Employer rate computation method
Actuarial Audit Reviewed
Actuarial firm Milliman presented the results of a limited scope actuarial audit of IMRF’s Actuarial Valuation for the 2015 fiscal year.
The 2015 Actuarial Valuation, which was completed by IMRF’s Actuarial Consultant Gabriel, Roeder, Smith & Co. (GRS), reviews previously adopted actuarial assumptions and makes adjustments going forward, if needed. The Valuation also calculates employer contribution rates for the year to follow. Actuarial work is highly technical and specialized, so as a best practice, IMRF hired Milliman to audit the work executed by GRS for the 2015 fiscal year.
Milliman’s audit included the following key findings:
- The 2015 Actuarial Valuation provides a fair and reasonable assessment of the financial position of IMRF.
- The member data provided to GRS by IMRF is being processed in a reasonable and accurate manner.
- While Milliman may have arrived at a slightly different set of actuarial assumptions, the existing assumptions are within the range used by similarly situated public sector pension funds.
- The actuarial cost and asset valuation methods utilized are commonly used by similarly situated funds and are being correctly applied.
Board Approves 2017 Consultants
The Board approved consultants to the Board for 2017. They include:
- GRS (Actuarial Services)
- Rehabilitation Medicine (Medical Consultant/Physical Medicine)
- Rachelle Miller, M.D. (Medical Consultant/Psychiatry)
New Participating Employer
The Board approved the participation of the following new IMRF employer:
- Peru Public Library District
Next Board Meeting
The next meeting of the IMRF Board of Trustees is February 17, 2017, at IMRF’s main office in Oak Brook.