1999 IMRF Comprehensive Annual Financial Report

Financial SectionExhibit BStatements of Changes in Plan Net AssetsYears Ended December 311999 1998AdditionsContributionsMembers for retirement coverage $192,356,900 $190,259,213Employers for benefit plan coverage 379,194,892 364,196,668Total contributions 571,551,792 554,455,881Investment IncomeInterest 217,331,875 204,559,060Dividends 70,689,084 72,132,306Equity fund income, net 49,402,727 48,224,790Securities lending income 69,836,222 76,909,946Net appreciation in fair value of investments 2,389,287,950 1,126,261,630Gross investment income 2,796,547,858 1,528,087,732Less investment expensesDirect investment expense (43,273,993) (40,422,191)Securities lending management fees (1,412,750) (1,349,195)Securities lending borrower rebates (62,775,039) (70,163,997)Net investment income 2,689,086,076 1,416,152,349Other 3,030 66,938Total additions 3,260,640,898 1,970,675,168DeductionsAnnuities 468,988,622 423,723,556Disability benefits 8,436,850 8,223,429Death benefits 18,938,364 19,549,781Refunds 28,126,601 27,121,071Administrative expenses 16,186,656 16,527,175Total deductions 540,677,093 495,145,012Net increase 2,719,963,805 1,475,530,156Net assets held in trust for pension benefitsBeginning of year 13,085,568,618 11,610,038,462End of year $15,805,532,423 $13,085,568,618The accompanying notes are an integral part of the financial statements.18 Illinois Municipal Retirement Fund