OAK BROOK, Ill. -- Nov. 4, 2013 -- The Illinois Municipal Retirement Fund (IMRF) named Mark F. Nannini, former director of finance and treasurer for the City of Crystal Lake, as its new chief financial officer (CFO) effective Jan. 1, 2014.
Nannini, a resident of Rolling Meadows, Ill., had served on IMRF's independent, autonomous board of trustees as one of four executive trustees since 2012. He resigned from this position after the Oct. 25 board meeting. Nannini's term of office ends Dec. 31, 2016. The Board will appoint a replacement to fill the vacancy for 2014 and conduct an election in October 2014 to elect a trustee to complete the term of office.
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Before his position as director of finance and treasurer for Crystal Lake, Nannini served as director of finance for Rolling Meadows, Ill., for nine years, and assistant director and comptroller for Niles, Ill. for 10 years.
Nannini also serves as a national budget reviewer for the Illinois Government Finance Officers Association and adjunct professor at William Rainey Harper College. He is also a former president of the Illinois Government Finance Officers Association, voting member of the Crystal Lake Firefighter Pension Fund and non-voting member of the Crystal Lake Police Pension Fund.
Nannini holds a bachelor's degree in accounting and Masters of Business Administration degree in finance.
"Mark brings a wealth of public finance experience with his professional background and previous experience as an executive trustee with our plan," said IMRF Executive Director Louis W. Kosiba. "He is a natural successor to build on our excellent leadership in the finance department as we continue to focus on long-term, financially sound management."
Nannini will replace former IMRF Chief Financial Officer Dick DeCleene, who will retire on Dec. 31, 2013.
The Illinois Municipal Retirement Fund (IMRF) was created by the Illinois General Assembly. Since 1941, IMRF has partnered with local units of government to provide death, disability and retirement benefits for working and retired public employees. With more than $28 billion in assets, IMRF is considered well-funded and sustainable. Today, IMRF has more than 175,000 active members working for nearly 3,000 different units of government, including school districts, counties, cities and villages, parks and libraries. It has more than 100,000 retirees. Members who retired in 2012 retired with approximately 22 years of service and received an average annual benefit of approximately $17,000. IMRF consistently works toward reaching full funding over the long term, ensuring that it remains financially sound. A full-funding goal guarantees public workers a secure and modest retirement income at the lowest long-term cost to taxpayers. For more information, visit www.imrf.org.