Illinois Municipal Retirement Fund
| Agency overview | |
|---|---|
| Formed | 1941 |
| Headquarters | Oak Brook, IL |
| Employees | 200 |
| Agency executives |
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| Website | www |
The Illinois Municipal Retirement Fund (or IMRF) is the second largest and best-funded public pension system in the U.S. state of Illinois.
Since 1941, has partnered with local units of government to provide retirement, disability and death benefits for public employees.
Today, IMRF has more than 405,000 members and serves nearly 3,000 different units of government, including towns and villages, libraries and park districts, and counties and school districts (non-teaching personnel). The average member who retired in 2015 is receiving a monthly pension of $1,791.
In 2012, IMRF received an Illinois Performance Excellence (ILPEx) Silver Award for Progress Toward Excellence. IMRF is governed by an elected Board of Trustees. IMRF is administered by a staff of 200 professionals, led by Executive Director Louis W. Kosiba.
To efficiently and impartially develop, implement, and administer in a prudent manner programs that provide income protection to members and their beneficiaries on behalf of participating employers. (Source: (40 ILCS 5/7-102) (from Ch. 108 1/2, par. 7-102))
IMRF is established under statutes adopted by the Illinois General Assembly. It is governed by a fully elected board of eight trustees. Four trustees are elected by employers, three are elected by participating members, and one annuitant trustee is elected by IMRF retirees. The Board appoints an Executive Director who is responsible for all administrative functions and supervision of staff employees.
IMRF is a defined benefit retirement plan that provides retirement, survivor, disability, and death benefits to municipal government employees in Illinois. It is governed by Article 7 of the Illinois Pension Code. Eligible employees are automatically enrolled in IMRF when employment begins.
About 98% of IMRF's membership participates in the Regular Plan. IMRF administers a separate plan for Sheriffs' Law Enforcement Personnel (SLEP).
Members participate as either Tier 1 or Tier 2 members. To participate as a Tier 1 member, the employee must have started work with an IMRF employer on or before December 31, 2010. All other members participate in Tier 2. All IMRF Tier 2 plans have a less generous benefit structure as compared to Tier 1. The cost to provide a Tier 2 pension is more than 40% less than the cost of providing a Tier 1 pension. IMRF expects half of its membership to participate in Tier 2 by 2019.
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