Illinois Municipal Retirement Fund
From Wikipedia, the free encyclopedia
- Brian Collins, Executive Director
- Gwen Henry, 2025 Board of Trustees President
| Agency overview | |
|---|---|
| Formed | 1941 |
| Headquarters | Oak Brook, IL |
| Employees | 239 |
| Agency executives |
|
| Website | www |
The Illinois Municipal Retirement Fund (or IMRF) is the second largest and best-funded public pension system in Illinois. Since 1941, has partnered with local units of government to provide retirement, disability and death benefits for public employees. With a funded status of about 95.8 percent and more than $55 billion in assets, IMRF is well-funded and sustainable.[1]
Today, IMRF has more than 520,000 members and serves more than 3,050 different units of government, including towns and villages, libraries and park districts, and counties and school districts (non-teaching personnel). The typical IMRF retiree receives a modest and sustainable benefit, earned after decades of public service. In 2024, 50% of retirees received a benefit of less than $12,000 annually.[2]
In 2019, IMRF became the first public pension fund in the nation to receive a Malcolm Baldrige National Quality Award for Performance Excellence.[3][4] This Presidential-level honor recognizes exemplary U.S. organizations and businesses. In 2017, IMRF received an Illinois Performance Excellence (ILPEx)] Gold Award for Achievement of Excellence.[5] IMRF is governed by an elected board of trustees.[6] IMRF is administered by a staff of 239 professionals, led by Executive Director Brian Collins.
To efficiently and impartially develop, implement, and administer in a prudent manner programs that provide income protection to members and their beneficiaries on behalf of participating employers.[7]
Plan structure and current administration
Board of trustees
IMRF is established under statutes adopted by the Illinois General Assembly. It is governed by a fully elected board of eight trustees.[8] Four trustees are elected by employers, three are elected by participating members, and one annuitant trustee is elected by IMRF retirees. The Board appoints an Executive Director who is responsible for all administrative functions and supervision of staff employees.
Plan structure
IMRF is a defined benefit retirement plan that provides retirement, survivor, disability, and death benefits to municipal government employees in Illinois. It is governed by Article 7 of the Illinois Pension Code. Eligible employees are automatically enrolled in IMRF when employment begins.
About 98% of IMRF's membership participates in the Regular Plan. IMRF administers a separate plan for Sheriffs' Law Enforcement Personnel (SLEP).
Members participate as either Tier 1 or Tier 2 members. To participate as a Tier 1 member, the employee must have started work with an IMRF employer on or before December 31, 2010. All other members participate in Tier 2. All IMRF Tier 2 plans have a less generous benefit structure as compared to Tier 1. The cost to provide a Tier 2 pension is more than 40% less than the cost of providing a Tier 1 pension. In 2024, more than half of IMRF members participate in Tier 2.
