February 2017 Board Meeting Highlights; General Memo 667, February 2017 Employer Reminder; Louis W. Kosiba To Retire In 2017

February 28, 2017


In This Issue: February 2017 Board Meeting Highlights General Memo 667 February 2017 Employer Reminder Louis W. Kosiba to retire in 2017	Quick Links: Visit IMRF's website Log in to Employer Access Employer Digest email archive

February 2017 Board Meeting Highlights

At the February 17, 2017, Board Meeting, the Board:

Unanimously voted to begin requiring recertification of IMRF eligibility for all elected positions every two years.
Heard a final update on the 2014-2016 Strategic Plan and reviewed Action Plans for 2017-2019.
Reviewed a report stating that employer reserve accounts will be credited due to 2016 investment returns.

The next regular meeting of the IMRF Board of Trustees will be Friday, March 31, at IMRF's Oak Brook office.

General Memo 667:
2017 Employer Rate Meetings

Beginning April 24, 2017, IMRF will present a series of Employer Rate Meetings throughout the state. These meetings will review the impact of year-end financial and actuarial data on IMRF, and the data's estimated impact on individual employers.

Each Employer Rate Meeting will last approximately one hour and consist of a formal presentation followed by a question-and-answer session. IMRF will also present the information during an online webinar program in May.

Registration is now open for the 2017 Rate Meetings (details and registration information for the webinar program will be announced in upcoming editions of Employer Digest and on IMRF's website). IMRF encourages Authorized Agents, chief financial officers, other officials, governing body members, and all interested parties from your employer to attend the meeting scheduled in your area.

Review General Memo 667 to find the Rate Meeting near your location and to register.

February 2017 Employer Reminder:
IMRF funds and Social Security levies

Occasionally, IMRF audits identify employers improperly using funds from the IMRF levy to pay Social Security contributions. This practice is prohibited by law and can result in serious consequences for the employer.

The Illinois Pension Code specifically states that revenue from the

tax levy shall be used only for employer IMRF contributions and may not be transferred for any other use.

Employers may review the purpose and correct application of the IMRF tax levy, as well as the consequences of improper use, in the February 2017 Employer Reminder.

Louis W. Kosiba to retire in 2017

Louis W. Kosiba, IMRF's Executive Director, has announced his retirement effective December 31, 2017.

Kosiba has served as IMRF's Executive Director since 2001.

Throughout 2017, IMRF will embark on a nationwide search for Kosiba's replacement with the intent of announcing a new Executive Director before the end of the year.

To acknowledge Kosiba's retirement, IMRF will highlight his personal journey through the retirement process in an engaging series throughout the year. The new campaign, entitled "Lou's Road to Retirement," will provide members and employers a closer look at the steps and considerations involved in IMRF's retirement procedure. Installments of Kosiba's journey will appear in upcoming editions of Employer Digest and on IMRF's website, www.imrf.org.

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