David C. Miller begins first term on Oak Brook-based IMRF board of trustees
North Shore Sanitary District Deputy Treasurer and Assistant General Manager David C. Miller was elected to the Illinois Municipal Retirement Fund (IMRF) board of trustees as an executive trustee. His five-year term began Jan. 1.
As the second-largest and best-funded public pension in Illinois, IMRF administers a defined benefit plan of retirement, disability, and death benefits for 3,000 municipal employers -- including towns and villages, libraries and park districts, and counties and school districts (non-teaching personnel) -- and covers about 400,000 members. At the end of 2014, IMRF had $34 billion in assets and was 97 percent funded on a market basis. The plan does not receive any state funding.
Members of IMRF's independent eight-member board of trustees serve without compensation in five-year staggered terms. The board includes four executive trustees elected by participating units of government, three employee trustees elected by participating IMRF members and one annuitant trustee elected by IMRF retirees.
Miller, a resident of Chicago, earned a bachelor's degree in finance, investment and banking, and a master's degree in risk management from the University of Wisconsin.
"Our plan's financially sound management provides a sustainable retirement income for public workers who serve local units of government," said IMRF Executive Director Louis W. Kosiba. "David's background and financial experience in municipal government will enable the fund to continue to focus on providing long-term benefits to our members during his tenure."
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 retirement, disability and death benefits for public employees. With a funded status of 97 percent and $34 billion in assets, IMRF is well-funded and sustainable. Today, IMRF has about 400,000 members and serves nearly 3,000 different units of government, including towns and villages, libraries and park districts, and counties and school districts (non-teaching personnel). The average member who retired in 2013 had 22 years of service and received an annual benefit of about $16,500. For more information, visit www.imrf.org.