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.
Feb 27, 2026·Board meeting
Illinois Municipal Retirement Fund Board of Trustees Regular Meeting
The Board reviewed the 4th Quarter Manager Performance Report and discussed various investment reports. An operational update was provided, addressing concerns regarding claim processing times, contact center efficiency, and improvements in service levels. The Board approved several bids and contracts, including renewals for contact center maintenance, software licensing, and office leases. Board self-evaluation and staff feedback statements were approved, alongside setting employer death and disability benefit rates for the upcoming year. The Board also reviewed legislative committee reports, including positions on proposed bills, and received an update on pending litigation. Finally, the Board approved a decommissioning agreement and a capital budget amendment related to the workspace improvement project.
