Illinois Municipal Retirement Fund Employer Digest
November 15, 2013
In This Issue
Reducing Your Unfunded Liability
Don't forget to vote!
Questions about the Affordable Care Act?
October Board meeting Highlights
Quick Links
General Memo 644

Voluntary Payments to Reduce the Unfunded Actuarial Accrued Liability


We encourage you to share this memorandum with
your unit of government's financial administrators.

 

Recently employers who have an unfunded actuarial accrued liability (UAAL) have inquired how they can reduce their unfunded balance. There are three ways the UAAL can be reduced.  

  1. IMRF could earn more on its investments than its assumed rate of return of 7.5%.
  2. An employer pays the employer contribution rate set annually by IMRF.
  3. An employer can make voluntary payments specifically designated to pay down the UAAL.

If you are interested in discussing the pros and cons of making additional contributions for your entity, please contact IMRF's Chief Financial Officer at 630-368-5345. To maximize potential benefits, it is important to make additional contributions before year-end.

 

Read General Memo 644.  

Don't forget to vote!

Executive Trustee Election ballots due back by December 12, 2013  


This fall, IMRF employers will elect one Executive Trustee for a five-year term of office. Ballot packets were mailed on October 17, 2013, to your Employers' Authorized Agents or Governing Bodies, depending upon voting authority.


Don't forget to vote and return your ballot to IMRF!  

Questions about the Affordable Care Act?

IMRF's endorsed Health plan consultant, Doyle Rowe LTD, has insurance specialists to help IMRF retirees and members planning for retirement review their health plan options, including new possibilities offered under the Affordable Care Act.

Contact Doyle Rowe LTD online by visiting www.doylerowe.com or by calling 1-800-564-7227.
October Board Meeting Highlights

At the October Board meeting, the Board:
  • Approved 2014 employer contribution rates, which will decrease for the majority of IMRF employers
  • Heard an update on 3rd Quarter Strategic Objectives
Read more in the October 2013 Board Meeting Highlights.
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