Senate Bill 134
April 15, 2005
Executive Summary
SB 134, currently pending in the Illinois General Assembly, would transfer investment authority for the IMRF Trust Fund from the IMRF Board of Trustees to the Illinois State Board of Investments. The IMRF Board and staff are working to prevent passage.
Dear Authorized Agent:
SB 134 would transfer the responsibility and authority for IMRF’s investments from the IMRF Board of Trustees to the Illinois State Board of Investments (ISBI). ISBI currently invests the pension funds for the State Employees’ Retirement System, the General Assembly Retirement System, and the Judges’ Retirement System. Under SB 134, the President of the IMRF Board would join the State Board of Investments to represent IMRF.
The IMRF Board of Trustees is opposed to SB 134 and is working diligently to ensure it is not enacted. IMRF has followed its historic approach: bills are reviewed by staff; position papers are approved by the Board; IMRF staff and our lobbying firm work with outside interest groups (such as unions and employer groups) to support or oppose legislation. Information is provided to our membership via IMRF's website and our newsletter, Fundamentals.
We currently believe the bill will not be called for a vote in the Senate. We cannot absolutely guarantee this, but we are confident our approach to preventing this bill from becoming law will be successful. If the situation changes significantly, we will alert our participating employers and ask for your help.
I know many employers and members have written and called their legislators. We appreciate your efforts.
Please assure your IMRF members that their pensions are secure. Regardless of who has the authority to invest the IMRF Trust Fund, the Illinois Constitution guarantees that all IMRF members will receive the pensions they have earned.