The meeting included an investment update covering the 2nd quarter reports, various consent agenda items such as bid approvals, financial reporting packages, and a review of executive session minutes. Committee reports were presented from the Investment, Benefit Review, and Audit Committees. The Board addressed resolutions concerning the separation of service policy and the executive director job description. Additionally, the agenda featured staff reports on litigation and legislative updates, a CEM presentation, an operational and strategic objectives update from the executive director, and a trustee forum. The meeting concluded with action taken on the appointment and compensation package for the executive director.
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Illinois Municipal Retirement Fund Employer Rate Meeting
The meeting provided an overview of the Illinois Municipal Retirement Fund including its structure as a defined benefit pension plan and its governance. The presentation featured a financial update detailing investment returns and actuarial funding levels. Strategic focus areas for the upcoming period were outlined with an emphasis on customer service improvements. Additionally, the meeting explained the principles behind rate-making, including the use of actuarial assumptions and the management of employer reserve accounts. Guidance was provided on accessing annual documentation and financial reporting requirements for employers.
May 28, 2026·Board meeting
Illinois Municipal Retirement Fund Audit Committee Audit Committee Meeting
The Audit Committee meeting covered presentations regarding the 2025 SOC 1 Type 2 report and financial statement audit results. The committee reviewed and accepted the 2025 SOC 1 Type 2 engagement and the 2025 Annual Comprehensive Financial Report. Discussions also included the staff recommendation for audit services for the period 2026-2030 and the corresponding contract recommendations to the Board of Trustees. Additionally, reports were presented on the 2025 Employer Compliance Review Plan and the 2025 Internal Audit Plan, including updates on the Internal Audit Strategic Plan and a draft fraud matrix. The committee also held private sessions with both external and internal auditors.
Dec 31, 2025·Annual financial report
Illinois Municipal Retirement Fund Annual Comprehensive Financial Report FY2025
The Annual Comprehensive Financial Report for the Illinois Municipal Retirement Fund for the fiscal years ended December 31, 2025 and December 31, 2024. It presents audited fiduciary financial statements, including statements of fiduciary net position and changes in fiduciary net position, with an independent auditor's report, management's discussion and analysis, and supporting actuarial, investment, and statistical information.
