1999 IMRF Comprehensive Annual Financial Report

Notes to Financial StatementsDecember 31, 1999A. Plan DescriptionThe Illinois Municipal Retirement Fund (IMRF) is the administrator of an agent multiple employer publicemployee retirement system (PERS). The state legislature established IMRF to provide employees of localgovernments and school districts a sound and efficient retirement system. Members, employers, and annuitantselect eight trustees who govern IMRF. State law authorizes the Board to make investments, pay benefits, setemployer contribution rates, hire staff and consultants, and perform all necessary functions to carry out theprovisions of the Illinois Pension Code. Benefit and contribution provisions are established by state law and maybe amended only by the Illinois State Legislature.Financial SectionIMRF is separate and apart from the Illinois State government and is not included in the state’s financialstatements. However, the Illinois Pension Code designates the State Treasurer ex-officio treasurer of IMRF andrequires the Auditor General to approve appointment of the independent public accountants.1. Employers 1999 1998Participating employers 2,768 2,744The Illinois Pension Code specifies the units of government required to participate in IMRF and the units thatmay elect to join. Participation by the following units of government is mandatory:• All counties except Cook,• All school districts except Chicago, and• All cities, villages and incorporated towns with a population over 5,000, other than Chicago, which do notprovide Social Security coverage for their employees before they reach a population of 5,000.Other units of government with general taxing powers such as townships and special districts may elect tojoin. Participating instrumentalities, which include units of government without general taxing powers and notfor-profitorganizations, associations, or cooperatives authorized by state statute, may participate. They mustmeet the financial stability requirements. Units that elect to join the system may not under any circumstancesterminate their participating employer status.2. Membersin thousands200150100501999 1998Retirees and beneficiaries currently receiving benefits 69,716 67,756Terminated members entitled to benefitsbut not yet receiving them 7,750 7,321Terminated members — non-vested 66,435 60,236Current members:Nonvested 90,838 86,975Vested 64,679 63,453Total current members 155,517 150,428019991998Grand total 299,418 285,741Illinois Municipal Retirement Fund 19