Schedule of Changes in the Employer’s Net Pension Liability Illinois Municipal Retirement Fund

Notes to financial statements December 31, 2021

NOTE 3 – DETAIL NOTES ON ALL FUNDS (Continued)

rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding the expected inflation. Best estimates or arithmetic real rates of return for each major asset class included in the Fund’s target asset allocation as of December 31, 2021 are listed in the table above.

Rate of Return

For the year ended December 31, 2021, the annual money-weighted rate of return on pension plan investments, net of pension plan investment expense, was 14.65%. The money-weighted rate of return expresses investment performance, net of investment expense, adjusted for the changing amounts actually invested.