The Illinois Municipal Retirement Fund (or IMRF) is a pension fund created in 1939 by the Illinois General Assembly for municipal employees in the U.S. state of Illinois. IMRF began operating in 1941 with 5 original employers and $5,000 in assets. Presently, IMRF serves approximately 2,900 employers (Illinois units of government) and has more than $19 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, Illinois) with a sound and efficient system for the payment of retirement, disability, and death benefits.
At the end of 2010, IMRF had $25 billion in assets and was 86.3% funded on a market basis. It administers benefits for approximately 176,000 actively participating local government workers and provides monthly retirement benefits to approximately 97,000 retired local government workers.
Famous quotes containing the words illinois, municipal, retirement and/or fund:
“An Illinois woman has invented a portable house which can be carried about in a cart or expressed to the seashore. It has also folding furniture and a complete camping outfit.”
—Lydia Hoyt Farmer (1842–1903)
“No sane local official who has hung up an empty stocking over the municipal fireplace, is going to shoot Santa Claus just before a hard Christmas.”
—Alfred E. Smith (1873–1944)
“Douglas. Now remains a sweet reversion—
We may boldly spend, upon the hope
Of what is to come in.
A comfort of retirement lives in this.
Hotspur. A rendezvous, a home to fly unto.”
—William Shakespeare (1564–1616)
“I am advised that there is an unexpended balance of about $45,000 of the fund appropriated for the relief of the sufferers by flood upon the Mississippi River and its tributaries, and I recommend that authority be given to use this fund to meet the most urgent necessities of the poorer people in Oklahoma.”
—Benjamin Harrison (1833–1901)