Board Meeting Highlights

Board Room
March 10, 2020

Staff provides update on 2020-2022 Strategic Plan

IMRF staff delivered an update on activities and metrics supporting the 2020-2022 IMRF Strategic Plan. During 2020, IMRF will execute 12 Action Plans aligned with one of four Key Result Areas (KRAs):

Each KRA is aligned with a specific strategic objective linked to associated measures of success. For example, the Customer Engagement KRA strategic objective is “to foster and maintain engaged members and employers.” IMRF measures engagement levels via surveys distributed after members and employers do business with IMRF or attend educational workshops. IMRF reports on its progress toward achieving the objectives laid out in the Strategic Plan on a monthly basis.

New Annuitant Trustee participates in first Board meeting

Having taken his Oath of Office, new Annuitant Trustee William Stafford attended his first meeting of the IMRF Board of Trustees. Board President David Miller welcomed Stafford – who served as an Employer Trustee between 2009 and 2015 – back to the Board. Stafford said he appreciated the opportunity to again serve IMRF members and employers. “This has always been an outstanding Board, with both labor and management understanding their fiduciary duties,” Stafford said. “This is a very healthy organization, and I consider it a real privilege to be a part of this Board.”

Board approves 2021 death and disability rates

The Board approved death and disability benefit rates for 2021.

The 2021 average death benefit rate will change from 0.12% to 0.16% of employer payroll. The rate varies by employer according to the age of its workforce. The funds are used to pay death benefits for active members who die prior to retirement.

The 2021 disability benefit rate remain at 0.09% of employer payroll. The rate is the same for all employers. The funds are used to pay temporary disability benefits.

IMRF's goal is to maintain a balance in the death benefit and disability benefit reserves equal to one year’s total payments.

Staff projects 2020 "13th Payment" to remain steady at 27%

Each July, eligible retirees and surviving spouses receive a Supplemental Benefit Payment, also known as the “13th Payment.” IMRF staff estimated that the 2020 13th Payment will be 27% of a retiree’s June benefit payment. This is the same percentage as in 2019.

The 13th Payment is funded by an annual employer contribution equal to 0.62% of payroll. In recent years, the 13th Payment amount had been decreasing annually because the number of retirees was outpacing the growth in employer payroll.

Board passes resolutions

The Board passed the following resolutions:

Next Board meeting

The next regular meeting of the IMRF Board of Trustees will be March 20 at 9 a.m. at IMRF’s Oak Brook headquarters.