Revised Employer Digest Logo  
June 30, 2015


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One Executive Trustee election held this fall   

This fall, IMRF will conduct three elections for four Board of Trustee positions. As part of these elections, employers will elect one Executive Trustee for a five-year term of office, which will run from January 1, 2016, through December 31, 2020. Board positions also included in the fall elections are: two Employee Trustees, elected by active members of IMRF; and one Annuitant Trustee, elected by IMRF retirees.

 

Those who participate in IMRF as a chief executive officer, chief finance officer or other officer, executive, or department head with at least eight years of IMRF service credit as of December 31, 2015, may be nominated to run for Executive Trustee. Candidates will need:

 

  1. An IMRF petition form, available for download at a new Executive Trustee Election page of IMRF's website. Each page of the petition should contain the information listed at the top.
  2. At least three petitions submitted by Authorized Agents or the governing body of an IMRF employer. These petitions must meet the following requirements:
  • If an Authorized Agent submits a nominating petition, the Authorized Agent's notice of appointment must be on file with IMRF and must indicate that the Authorized Agent has been delegated the power to make the nomination. 
  • If a governing body of an IMRF employer files a petition, the petition must be adopted by the governing body and certified by the clerk or other proper official.

 

Nominating petitions will be accepted in IMRF's Oak Brook and Springfield offices from August 1, 2015, through September 15, 2015.

 

A Candidate Packet, which further details IMRF Board Member responsibilities and provides additional election information, is available on the Executive Trustee Election page of IMRF's website.  

TwoandahalfUpdate: IMRF Reports

Addendum II's release delayed,
2014 Annual Report now available

IMRF is providing status updates on two awaited reports - Addendum II and the 2014 Annual Report.

 

First, the release date of IMRF's 2014 Schedule of Fiduciary Net Position by Employer - commonly referred to as "Addendum II" - has been slightly delayed until the end of July 2015. If you are an employer affected by GASB 68, please share this update with your employer's finance officer/business manager.

 

IMRF's staff and its audit firm are diligently working together to insure the employer schedules are appropriately presented, as prescribed by the Governmental Accounting Standards Board (GASB). This review has led to a brief delay in production. When released, the report will provide affected IMRF employers with detailed information (as of December 31, 2014) necessary to comply with the financial reporting requirements of GASB 68.

 

IMRF apologizes for any inconvenience this delay may cause. Please contact Mark Nannini, Chief Financial Officer, at 630-368-4345 with any questions.

 

Meanwhile, IMRF's 2014 Comprehensive Annual Financial Report is now available online for review and download.

 

Reflecting IMRF's recently introduced branding, the report includes year-end financial statements and statistical data, as well as a summary of benefits and commentaries from professional consultants engaged by IMRF, including: an Auditor's Opinion, an Actuary's Report, and an Investment Consultant's Report.

 

Employers may visit the Annual Financial Reports page on IMRF's website to review and download the 2014 Comprehensive Annual Financial Report, the 2014 Popular Annual Financial Report, and related reports for calendar year 2014. 

TwoDeep Member options when leaving an IMRF employer  

Often, IMRF members automatically apply for a refund of their contributions when they leave an IMRF employer before retirement - sometimes at the advice of an Authorized Agent. It is more beneficial if Authorized Agents are approached, however, to explain all options and allow members to make the best decision for themselves.

 

Most members who stop working for an IMRF employer have three options:

 

  1. Leave the contributions on deposit with IMRF, appropriate for vested members or those who may work for an IMRF employer or reciprocal system employer in the future.
  2. Roll over the contributions into an IRA (other than a Roth IRA) or other qualified plan, an option for non-vested members who will not work for another IMRF employer or reciprocal system in the future.
  3. Receive a direct payment, an option that should be considered very carefully. IMRF is required to deduct 20% of the taxable portion as federal income tax withholdings for those age 59-1/2 or younger. Plus, those younger than age 55 may pay an additional 10% tax.

 

Authorized Agents should advise members to take time and weigh all options thoroughly so they may make the best decision when leaving an IMRF employer before retirement. To help, direct members to visit IMRF's website for more information on members' options when leaving IMRF employment.  

ThreeJune 2015 Employer Reminder:

Using Employer Access Secure Message Center

Employer Access Secure Message Center provides IMRF administrators an efficient way to send confidential information to IMRF, submit questions specific to your employer, and receive private data from IMRF.

 

These electronic messages are private and protected because they're sent and received within the security of IMRF's website. The secure Employer Access area of IMRF's website shields sensitive information - like Social Security numbers, addresses, and financial data - during transmission.

 

Read more about Employer Access Secure Message Center in the June 2015 Employer Reminder. 
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Oak Brook, IL 60523-2337
Member-only Phone: 1-800-ASK-IMRF (1-800-275-4673)            
Employer-only Phone: 1-800-728-7971 
 
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