IMRF Board Adopts Formal Funding Policy
January 15, 2013
At the December 21, 2012, Board Meeting, the IMRF Board of Trustees adopted a formal funding policy.
The policy formalizes longstanding practices at IMRF, and is intended to help minimize confusion among IMRF employers following the release of new guidelines on accounting and reporting practices in Governmental Accounting Standards Board (GASB) Statement No. 68.
IMRF will continue to use the Annual Required Contribution (ARC) calculation embedded in GASB Statement No. 27 to determine employer contribution rates. This approach is consistent with actuarial best practices, supports IMRF’s 100% funding goal, maintains intergenerational equity, and minimizes disruptions to employers.
Thank you for your feedback
Before this policy was formally adopted by the Board of Trustees, we asked for employer feedback in General Memo 630. We thank those employers who responded.
Questions?
If you have any questions, please call an IMRF Member Services Representative at 1-800-ASK-IMRF (1-800-275-4673) 7:30 a.m. to 5:30 p.m., Monday through Friday or send IMRF a Secure Electronic Message.