I’m writing in response to a Jan. 15 letter to the editor on competitiveness in the global steel industry. The writer made some very interesting points, until the last paragraph, when he injected the Illinois Municipal Retirement Fund into the discussion.
Here at IMRF, we are celebrating our 75th anniversary and thankfully, we are not in a crisis. As the second-largest and best-funded public pension plan in the state, we are in a strong financial position. With all the news of pension woes here and nationwide, we understand there may be some confusion about who we are.
With a diverse portfolio of $34.7 billion in assets, IMRF is 93.1 percent funded and proudly serves more than 400,000 members. We are neither managed nor funded by the state, and our governing body is a member-elected board.
IMRF is a resource for Illinois workers and creates jobs, as well. Our hardworking teams in Oak Brook and Springfield help support retirees, employers, and employees as they prepare for retirement. In 2015, we paid $1.49 billion to people across the state, which is great news for our local economy.
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We invite you to visit www.imrf.org for more information and learn how we serve our neighbors, every day.
Louis W. Kosiba, IMRF executive director, Oak Brook