1999 IMRF Comprehensive Annual Financial Report

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ActuarialActuary’s Certification Letter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52Actuarial Assumptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54Solvency Test . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55Members’ Average Salary and Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55Table of ContentsChanges in the Number of Benefit Payments . . . . . . . . . . . . . . . . . . . . . . . . 56Contribution Rates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57Actuarial Balance Sheet and Analysis of Unfunded Liability . . . . . . . . . . . . . 58Derivation of Experience Gain (Loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59Summary of Benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60Changes in Plan Provisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63StatisticalRevenue by Source . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66Expenses by Type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66Benefit Expenses by Type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67Average Benefit Payment Amounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68Participating Employers and Members . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69Participating Members’ Length of Service . . . . . . . . . . . . . . . . . . . . . . . . . . . 70Distribution of Current Annuitants by Pension Amount . . . . . . . . . . . . . . . . 70Analysis of Initial Retirement Benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71Annuitants and Active Members by Age . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72IMRF Staff . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73Illinois Municipal Retirement Fund 4
Board of TrusteesHeidi BaxterEmployee TrusteeKane County2000 President1999 Vice PresidentJanuary 1, 1998 –December 31, 2000R. Steven SonnemakerExecutive TrusteePeoria County2000 Vice President1999 SecretaryJanuary 1, 1998 –December 31, 2002John Lotus NovakExecutive TrusteeDuPage County2000 SecretaryJanuary 1, 1999 –December 31, 2003Max F. BochmannEmployee TrusteeNapervilleJanuary 1, 2000 –December 31, 2004Jack A. ClaesAnnuitant TrusteeElk Grove VillageJanuary 1, 1995 –December 31, 2000Gerald J. Sebesta, Jr.Executive TrusteeOak ParkJanuary 1, 1995 –December 31, 2000Thomas C. SetchellExecutive TrusteeHarveyJanuary 1, 1997 –December 31, 2001Marvin R. Shoop, Jr.Employee TrusteePeoria1999 PresidentJanuary 1, 1996 –December 31, 2000Rita J. MiottiEmployee TrusteeMattesonJanuary 1, 1995 –December 31, 1999Thank Youfor your dedicated serviceto the members andemployers of IMRF5 Illinois Municipal Retirement Fund
Page 1 and 2: Illinois MunicipalRetirement Fund19
Page 3: Table of ContentsIntroductionBoard
Page 7 and 8: Certificate of Achievement7 Illinoi
Page 9 and 10: IntroductionThe increase in member
Page 11 and 12: Introductiond. Tax Deferred Payroll
Page 13 and 14: IntroductionReports to MembershipIM
Page 15 and 16: This page intentionally left blank1
Page 17 and 18: Financial Section16 Illinois Munici
Page 19 and 20: Financial SectionExhibit BStatement
Page 21 and 22: Financial SectionEmployers must enr
Page 23 and 24: Financial SectionC. Cash1999 1998Ca
Page 25 and 26: Financial SectionInvestments, at fa
Page 27 and 28: Financial Section4. DerivativesIMRF
Page 29 and 30: Financial Section2. Fixed AssetsFix
Page 31 and 32: Financial SectionNotes to Required
Page 33 and 34: This page intentionally left blank3
Page 35 and 36: Investments Section34 Illinois Muni
Page 37 and 38: Investments Section36 Illinois Muni
Page 39 and 40: Investments SectionMaster TrusteeTh
Page 41 and 42: Investments SectionInvestment Objec
Page 43 and 44: Investments Section5. Emerging mark
Page 45 and 46: Investments SectionReturns by Asset
Page 47 and 48: Investments SectionSchedule IIAsset
Page 49 and 50: Investments SectionSchedule of 1999
Page 51 and 52: Investments SectionSchedule of Inve
Page 53 and 54: Actuarial Section52 Illinois Munici
Page 55 and 56:
Actuarial Section54 Illinois Munici
Page 57 and 58:
Actuarial SectionTable IIChanges in
Page 59 and 60:
Actuarial SectionActuarial Balance
Page 61 and 62:
Actuarial SectionSummary of Benefit
Page 63 and 64:
Actuarial SectionSummary of Benefit
Page 65 and 66:
This page intentionally left blank6
Page 67 and 68:
Table VIRevenues by sourceLast ten
Page 69 and 70:
Statistical SectionTable IXAverage
Page 71 and 72:
Statistical SectionTable XIIPartici
Page 73 and 74:
Statistical SectionTable XVAnnuitan
Page 75:
IMRF StaffOperations & PlanningDan
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1999 IMRF Comprehensive Annual Financial Report

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