Company Profile
Illinois Municipal Retirement Fund
Company Overview
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 $41 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.
Company History
About the Illinois Municipal Retirement Fund
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 March 31, 2022, IMRF had about $54.1 billion in assets, more than 457,000 members and retirees, and about 3,030 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.
Benefits
Tuition reimbursement
Business casual dress code
FSA - Flexible Spending Account
457 deferred compensation plan optional
Flexible work hours
On site health club, hair salon, and restaurant
Participation in IMRF's pension plan
Participation in IMRF's retirement death and disability plan