Illinois Municipal Retirement Fund Employer Digest
March 29, 2013
In This Issue
Preliminary Rate Notices
Rate Meeting Webinar registration
GASB Statements
Reminder
Quick Links
 General Memo 638 
2014 Preliminary Rate Notices Available
 
Your Preliminary Notice of IMRF Contribution Rate for Calendar Year 2014 is now available in your Employer Document Archive in your Employer Access account under the EFINANCE category. 

The notice shows the actuarial required contribution rate, or "ARC," for 2014 for each employer's plan. The ARC rate reflects the impact of Tier 2 members on an employer's normal cost.

 

A small group of employers will be offered an optional phase-in plan rate as well. Only 5% of Regular plan employers will be offered a phase-in rate for 2014 (the last year of the phase-in plan).

 

Read more about the Preliminary Rate Notices in General Memo 638.
 
Questions?
If you have questions, please call IMRF Employer Relations Supervisor Audrey Brown-Ryce at 630-706-4246 or IMRF Employer Account Analyst Corey Lockwood at 630-706-4226.  

2013 Employer Rate Meeting Webinar: Beyond Rates and Returns 

 

The May 2, 2013, Rate Meeting webinar is now open for registration. Topics to be covered include:
  • Impact of IMRF's 2012 investment return to employers' funded status, reserves, and contribution rates
  • Potential impact of year-to-date 2013 and future year returns
  • Proposed pension-related legislation 
Please provide a copy of the invitation to your governing body members and to others at your employer you think may be interested in learning more about IMRF. 

Read more and register here.

You can still register for the statewide Employer Rate Meetings if you would rather attend an in-person meeting.   
GASB 50 Statements Available; GASB 68 Questionnaire  

Your 2012 Governmental Accounting Standards Board (GASB) Statement 50, Pension Disclosures, is available through the Employer Document Archive in your Employer Access account. The Statements can assist you in preparing your annual financial report. Provide a copy to your auditor.

GASB 68 questionnaire
In General Memo 637 we asked employers to provide some financial statement information. If you haven't already, please take a moment to respond to the GASB 68 questionnaire to provide information about your annual financial statement for future GASB 68 statements.

Questions
 
If you have questions regarding your Statements, please call IMRF Employer Relations Supervisor Audrey Brown-Ryce at 630-706-4246 or IMRF Employer Account Analyst Corey Lockwood at 630-706-4226.  
Reminder: Law restricts IMRF tax levy use

If your employer is a taxing body that levies for IMRF, you should understand an important provision in the Illinois Pension Code regarding proper administration of the IMRF tax levy. Please give a copy of this Reminder to the person who oversees your employer's IMRF tax levy.

Funds from your employer's IMRF tax levy may not be used for any purpose other than employer IMRF costs.

The IMRF levy is unlike certain other funds, such as a general fund, where resources may be transferred to meet budgetary needs. The Illinois Pension Code specifically provides that the revenue from your IMRF tax levy can be used only for required employer IMRF contributions. This ensures that your employer adequately funds its IMRF pension obligations.
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