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What is Illinois Municipal Retirement Fund mean?
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 94 percent and more than $50 billion in assets, IMRF is well-funded and sustainable.
Today, IMRF has more than 440,000 members and serves more than 3,000 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 2020, 56% of retirees received a benefit of less than $12,000 annually.
In 2019, IMRF became the first public pension fund in the nation to receive a Malcolm Baldrige National Quality Award. 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. IMRF is governed by an elected board of trustees. IMRF is administered by a staff of 200 professionals, led by Executive Director Brian Collins.
referencePosted on 16 Sep 2024, this text provides information on Miscellaneous in Governmental related to Governmental. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.
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