Illinois Municipal Retirement Fund Employer Digest
April 2, 2014
In This Issue
Preliminary Rate Notices
Rate Meeting webinar registration
GASB Statements
Reminder
Quick Links
 General Memo 650 
2015 Preliminary Rate Notices available
 
Your "Preliminary Notice of IMRF Contribution Rate for Calendar Year 2015" is now available in your Employer Document Archive in your Employer Access account under the EFINANCE category.
 

The notice shows the Actuarial Required Contribution (ARC) rate for 2015 for each of your employer's IMRF plans. Your employer's ARC rate was calculated by IMRF's actuaries. It reflects the amortization of the employer's actuarial accrued unfunded liability ("Funding Adjustment") over 28 years for employers who can levy property taxes and over 8 years for employers who cannot. The impact of your employer's Tier 2 members is reflected in its 2015 ARC rate.

 

Read more about the Preliminary Rate Notices in General Memo 650.

 

2014 Employer Rate Meeting webinar

 

The May 1, 2014, IMRF Rate Meeting webinar is now open for registration. Topics to be covered include:
  • Impact of IMRF's 2013 investment return on employers' funded status, reserves, and contribution rates
  • Recent pension-related legislation 
The webinar will last from 2-3 PM. We encourage you, your chief financial officer, other officials, governing board members, and other interested parties from your employer to attend. 
 
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

Your 2013 Governmental Accounting Standards Board (GASB) Statement 50, Pension Disclosures, is available through the Employer Document Archive in your Employer Access account. The GASB 50 can assist you in preparing your annual financial report. Provide a copy to your auditor.

Questions
 
If you have questions regarding your GASB 50, please call IMRF Financial Relations Manager 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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