Company Profile
Illinois Municipal Retirement Fund
Company Overview
IMRF is the second largest—and best funded—statewide public pension system in Illinois. With a diverse staff of nearly 200 professionals, IMRF believes in hiring qualified candidates for varied careers to further its mission of providing the highest quality retirement services to its members, their beneficiaries and employers.
Company History
The Illinois Municipal Retirement Fund was created in 1939 by the Illinois General Assembly and began operating in 1941 with five original employers and $5,000 in assets.
Since 1941, IMRF has provided employees of local governments and school districts in Illinois (with the exception of the City of Chicago and Cook County) with a sound and efficient system for the payment of retirement, disability, and death benefits.
As of December 31, 2014, IMRF had about $35 billion in assets, more than 420,000 members and retirees, and about 3,000 local units of government participating in the retirement system.
IMRF Operates Locally
IMRF is a local program. The IMRF plan serves employers including cities, villages, counties, school districts, townships and various special districts, such as parks, forest preserves and sanitary districts. Each individual employer builds up an account to provide future benefits for its own employees.
Every IMRF employer appoints one of its employees to serve as IMRF Authorized Agent. Your IMRF Authorized Agent handles the operation of the plan locally, and can assist you with any questions you have about your IMRF benefits.
How is IMRF administered?
The Illinois Pension Code determines how IMRF administers our benefit plans.
The pension code requires an eight-member Board of Trustees to govern IMRF, and defines the required qualifications, governing powers, and responsibilities of the Board.
The Board appoints an Executive Director who is responsible for all administrative functions and supervision of staff employees. The Board also appoints medical and investment consultants, an actuary and an independent auditor.
Notable Accomplishments / Recognition
The Illinois Municipal Retirement Fund was created in 1939 by the Illinois General Assembly and began operating in 1941 with 5 original employers and $5,000 in assets. Today IMRF serves almost 3,000 employers and has approximately $33 billion in assets.
Since 1941, IMRF has provided employees of local governments and school districts in Illinois (with the exception of the City of Chicago and Cook County) with a sound and efficient system for the payment of retirement, disability, and death benefits.
Benefits
Generous insurance benefits, including medical and dental, vision
•35 hour base work week, Monday - Friday
•Death, disability and pension retirement benefits as a member of IMRF
•Paid vacation, 12 paid holidays and 2 personal days
•Onsite amenities include health club, café and salon
•Business casual attire
•Award-winning organizational approach to performance excellence