Registration Now Open For GASB 68 Webinar; Many Members Benefit When They Do Not Withdraw; Petitions Now Accepted For Fall Trustee Election

August 15, 2017


In This Issue: Registration now open for GASB 68 webinar Many members benefit when they do not withdraw Petitions now accepted for fall Trustee election	Quick Links: Visit IMRF's website Log in to Employer Access Employer Digest email archive

Registration now open for GASB 68 webinar

Registration is now open for IMRF's new webinar program, "What GASB 68 Means For You," taking place Thursday, August 24, at 1:30 PM.

Louis W. Kosiba, Executive Director, and Mark Nannini, Chief Financial Officer, will provide a general overview of GASB 68 reporting and review technical aspects and documentation employers receive for accurate reporting.

The GASB 68 webinar will begin at 1:30 PM (attendees will be able to log into the event beginning at 1:00 PM). Since this presentation covers in-depth financial information, Authorized Agents are encouraged to advise their auditors, financial officers, and governing body members to register here for the GASB 68 webinar program.

Many members benefit when they do not withdraw

Some employers believe IMRF members are required to take a refund of their IMRF contributions when they separate from employment and terminate IMRF participation. This is not true-IMRF members are not required to withdraw their contributions when they leave their IMRF employer.

In many cases it is in a member's best financial interest to leave their IMRF contributions on deposit with IMRF. A member who takes a refund of his or her IMRF contributions will lose all service credit and forfeits the right to any future IMRF pension and death benefit. M embers who are vested for an IMRF pension or who may work for another IMRF employer or reciprocal system in the future should think carefully and consider all options before requesting a refund .

Leaving contributions on deposit with IMRF will change the member's status to inactive. In this new status, the inactive member will continue to receive an annual personal statement of benefits from IMRF. There is no charge or penalty to leave contributions with IMRF; however, members will not receive any interest on their contributions if they eventually take a refund.

Employers can read more about what members should consider before taking a refund here.

Petitions now accepted for Executive Trustee election

As of August 1, IMRF's Oak Brook and Springfield offices are accepting nominating petitions for the fall 2017 Executive Trustee election. Petitions will be accepted until 4:30 PM Friday, September 15.

Employers will elect one Executive Trustee for a five-year term running from January 1, 2018, through December 31, 2022. A nominee for this position must be employed by an IMRF employer as a chief executive officer, chief finance officer, or other officer, executive, or department head. The nominee must also participate in IMRF and have at least eight years of IMRF service credit as of December 31, 2017.

For further information on nominating procedures and qualifications, and to download sample petitions and a biographical questionnaire, visit the 2017 Board Elections page of IMRF's website, www.imrf.org.

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IMRF

2211 York Rd., Ste. 500

Oak Brook, IL 60523-2337

Member-only Phone: 1-800-ASK-IMRF (275-4673)

Employer-only Phone: 1-800-728-7971

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