As an Illinois Municipal Retirement Fund retiree, I was distressed to read that our trustees were involved in the travel abuses detailed in the Tribune (Page 1, March 29, April 9).
Though the travel has been curtailed, someone needs to function as an overseer because right now the trustees answer to no one and make their own rules and regulations. Since they rely on investment advice from trained money managers who are on staff, it is doubtful that any travel is required at all. I believe the trustees would serve us far better if they studied and followed the investment practices of the Wisconsin and Illinois state boards of investments, which outperformed the IMRF over the last five years.
Reform and changes are clearly necessary. I hope the Tribune staff will continue to monitor this situation and report it to us.
