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1 Creating a Proactive Media Plan By Phyllis Walker Management & Careers The Illinois Municipal Retirement Fund sought to create a brand to educate the media and to promote the fund as a relevant, modern, and cost-efficient pension plan. Public pension plans are getting a black eye from news media outlets. Everyone has heard reports that public pensions are experiencing considerable market volatility and abuse (e.g. pension spiking and inadequate funding). But despite the negative publicity, a majority of public pension plans have continued paying benefits to more than seven million retired public workers. For example, in 2009, the Illinois Municipal Retirement Fund (IMRF) paid $896.7 million to retirees. It ended 2009 with $22 billion assets. IMRF, which began operations in 1941 with $5,000 in assets, was created to provide employees of local governments and school districts in Illinois with a sound and efficient system for the payment of retirement, disability, and death benefits. The fund s mission statement is to efficiently and impartially develop, implement, and administer programs, in a prudent manner, that provide income protection to members and their beneficiaries on behalf of participating employers. IMRF has been successful in meeting its mission. However, fund officials realized that addressing external challenges such as the volatility of the market and increasing media scrutiny required a strategic approach. So the fund undertook a formal process to develop its first strategic plan. ANALYZING THE GOALS Organizations need to occasionally step back and consider whether their goals are relevant. As the IMRF deputy executive director has said, You may paint a room perfectly, but if the wrong room was painted, you will have not achieved your goal. Accordingly, IMRF senior management conducted a strengths, weaknesses, opportunities, and threats (SWOT) analysis as well as an analysis of the social, technological, economic, and political (STEP) influences on the fund. The SWOT analysis helped identify the fund s strengths: n Independence of the board of trustees n Knowledge and longevity of staff n Effectiveness of internal controls n Culture of providing excellent customer service The fund s weaknesses were also identified: n Lack of a proactive media plan n No brand n Lack of a formal comprehensive quality assurance program n Dependence on key staff Opportunities were pinpointed: n Changing the IMRF image through enhanced communication n Taking the lead in a constructive debate regarding the appropriate role of defined benefit and defined contribution plans October 2010 Government Finance Review 67
2 n Improving customer service through continued technological advancements n Modernize the IMRF benefit structure And threats were recognized: n Conversion of defined benefit plans to defined contribution plans n Participation in IMRF becoming optional for governmental units n Consolidation of pension systems n Economic stagnation or inflation The analysis was reviewed and discussed with the IMRF board of trustees. The board prioritized the issues and identified four strategic goals: n Advocate preservation of the defined benefit plan n Create and support the IMRF brand n Advocate existing autonomy of plan administration and investment authority n Advocate preservation of the 100 percent funding goal The board initially questioned the goal of an IMRF brand. Like most public pension funds, IMRF had previously preferred to remain under the radar. However, the increasing media coverage about pensions required IMRF to rethink this approach. An IMRF brand would be a proactive approach to help members, employers, taxpayers, and the media understand what IMRF is and how it differs from other pension systems. INCLUDING STAFF Success required staff buy-in. IMRF executives wanted to ensure that the internal messages reinforced the external messages. To ensure that all messages were consistent, the fund s executive director held State of IMRF town hall meetings to discuss the rationale of the branding campaign and seek the support of the staff. The town hall meetings included a question and answer session, which provided an opportunity for staff to request more detailed information. IMRF also posted success stories and information on developing news on the intranet site. Staff members were made aware of and given access to all materials sent to members, employers, and other stakeholders. The strategic goal of the initiative to create and support the IMRF brand included developing a consistent, effective, recognizable message. CONDUCTING RESEARCH The strategic goal of the initiative to create and support the IMRF brand included developing a consistent, effective, recognizable message. Developing that message required a number of steps, starting with hiring a public relations agency. IMRF sent requests for proposals to 10 public relations agencies in February 2006 and selected an agency from the six proposals that were submitted. Next, the fund conducted research, analyzed the results of that research, and then developed the fund s key messages. Research was needed to gain a deeper understanding of current perceptions, and to provide insight into the effectiveness of the fund s communications. Surveys, in-depth phone interviews, and focus groups provided this information. Prior to its branding efforts, IMRF was already surveying members and annuitants regarding their satisfaction with specific services the returned surveys allowed complaints to be analyzed and responses to be issued. Based on responses from the survey, several changes were implemented to the benefit application and purchase of service processes. In spring 2007, key representatives were randomly selected, and in-depth phone interviews were conducted with 20 municipal decision makers such as city or municipal managers and financial officers. The fund also conducted 15-minute telephone interviews with 100 randomly selected active members and with 100 randomly selected retirees. The purpose of the focus groups was to examine attitudes, perceptions, and beliefs regarding IMRF and its value, retirement funding, understanding of pensions, and understanding of the current funding crisis. The fund conducted three 90-minute focus groups: of active members aged 40 or less (this group comprised 28 percent of total active members); active members who are more than 40 years old (72 percent of the total active members); and retirees between the ages of 55 and 85 years. The essence of any research is the organization of the data and analysis of the results, which would help the fund identify and define marketing opportunities. IMRF found out that employers perceived IMRF as orga- 68 Government Finance Review October 2010
3 nized, financially sound, and dependable. More than 80 percent of employers believed that 100 percent funding achieves the lowest possible employer contribution rate and provides full transparency for actual cost of benefits; more than 92 percent believed the IMRF board should maintain its independence and authority; and 67 percent said they used IMRF benefits to recruit and retain employees. Of active members, approximately 56 percent had a favorable opinion of the fund and perceived IMRF as experienced, trustworthy, secure, and competent; 41 percent were neutral or had no opinion about IMRF; and the remainder professed to have no knowledge about IMRF. Retirees perceived IMRF as experienced, reliable, respected, trustworthy, and competent, and they agreed that the fund s retiree newsletter was an important and effective means of maintaining and strengthening their relationship with IMRF. Based on the results of the research, the fund decided to identify points of comfort for its members and to customize messages that would resonate with each key audience. It was important that the key messages be consistent internally and externally. One of the key objectives was being prepared to respond quickly to media. (See Exhibit 1.) DISSEMINATING THE KEY MESSAGES Media training was essential to assure that key messages were delivered in a clear, concise, accurate, and convincing manner. Everyone at the Exhibit 1: Key Messages n IMRF represents 171,000 employees and 62,000 retirees. It is funded by contributions from 2,900 local municipal employers and employees and, primarily, by investment returns. n The recent recession and dramatic decline in value of nearly all investment classes was tough on investors, including pension funds such as IMRF. Fortunately, IMRF was 100 percent funded when the recession started in 2008 and has already begun its recovery. n Research from the National Institute of Retirement Security shows that public pension plans, such as IMRF, are prudent investors, even during volatile market conditions. n IMRF is a successful Illinois public pension fund that consistently works toward its 100 percent funding goal, ensuring that it remains financially sound. n Defined benefit plans are more cost-effective than defined contribution plans. n State and local defined benefit pensions help retain public employees who ensure effective delivery of vital public services. n Public pensions such as IMRF contribute significantly to the Illinois and the national economy. fund needed to be able to handle hostile or off-point questions while at the same time including the key messages newly participating governmental units and the size of assets under management. The press releases announced in their responses. As a key spokesperson, information regarding upcoming the executive director had to receive training, and the communications staff, field representatives, and other key staff completed media training from the public relations agency, as well. This step improved IMRF s speaking engagements by IMRF staff, workshops for retirees, and IMRF s support of National Save for Retirement Week. The press releases were initially designed to focus on building a foundation of public support. effectiveness in conducting press As the fund began to get its messages out, it also needed to let its external meetings with targeted reporters and editorial boards statewide. audiences know how to receive more To help get the IMRF message out, the fund developed a press media kit (see Exhibit 2) and a virtual press room on the fund s Web site ( Press releases were issued to include fund milestones such as the number of information. The contact information for the public relations agency was therefore posted on the IMRF Web site, and the agency fields phone calls and regularly forwards media kits, press releases, and other information October 2010 Government Finance Review 69
4 Exhibit 2: Meet the Press Press Kit n IMRF Facts n Description of IMRF n Brief History n Mission Statement n Employer Statistics n Management of the Fund n Executive Director Bio n Talking Points, Testimonials IMRF Press Room n IMRF 101 n Public Pensions 101 n Retirement and Pension Research n Investment Strategy n White Papers n Photo Gallery Press Releases n Positive Stories from IMRF Staff and Key Allies n Fund Milestones n Speaking Engagements n Opinions about Pension Plan News n Focus on Value of Service Provided by IMRF n Other Pertinent Information Relevant to Requestor to media. The agency also reaches out to media across the state in an effort to arrange interviews with IMRF staff. In addition to getting the message out and providing information to external audiences, the fund also wanted to be able to monitor news stories. To find out what the media is saying about IMRF, the fund uses Google alert and receives daily s of online stories that refer to IMRF or public pensions. The fund also receives news clips from the Illinois Press Association. IMRF reviews media coverage of the fund so it can respond to inaccuracies in pension news and keep IMRF in front of editors. Our postings to reader comments allow the fund to respond quickly to a negative story and to track inaccurate reader comments that require a rapid response. The communications staff and public relations agency reviews each story, making recommendations on whether a response is needed. ECONOMIC IMPACT STUDY Taxpayers and legislators need to know the positive impact pensions have on the economy. To this end, IMRF developed its first economic impact study in April The 20-page study explains the impact the benefit payments made to annuitants have on the Illinois economy. Using an input/output model, it illustrates how pension payments ripple through the state (see Exhibit 3). IMRF uses multipliers from the U.S. Bureau of Economic Analysis and the Illinois Department of Commerce and Economic Opportunity to calculate economic impact. Of all IMRF retirees, 85 percent remain in Illinois and IMRF s 2009 benefit payments to them produced nearly $1.5 billion in economic activity and created more than 11,000 jobs in Illinois. CONCLUSIONS IMRF continues to review and expand its media plan. Each year, we review the plan, recap the previous year s media challenges, review successes, and identify future challenges. The fund s 2010 success include the following: 70 Government Finance Review October 2010
5 Exhibit 3: Economic Impact A retired IMRF member... Pension Benefit Direct Impact $...uses her pension money to buy a car. Indirect Impact $$ As a result of that purchase, the owner of the car dealership, the car salesman, and each of the companies involved in the production of the car all see an increase in income, and spend that additional income. Induced Impact $$$ These companies hire additional employees as a result of this increased business, and those new employees spend their paychecks in the local economy. Source: National Institute on Retirement Security, Pensionomics: Measuring the Economic Impact of State & Local Pension Plans. The report is available at October 2010 Government Finance Review 71
6 Government Finance Officers Association VOLUME n Key messages were revised to reflect current market conditions n The fund s executive director was invited to participate in radio and newspaper interviews GFOA BUDGETING SERIES VOLUME Putting Recommended Budget Practices into Action Government Finance Officers Association Capital Project Planning and Evaluation Expanding the Role of the Finance Officer JOSEPH P. CASEY AND MICHAEL J. MUCHA, EDITORS A Budgeting Series Book n National Public Radio called IMRF a model for a well-run pension fund n RSS feeds were initiated, and IMRF continues to respond to media inquiries n Press releases were issued regarding the fund s 2009 investment returns and receiving the 2010 Bronze Lincoln Award for its commitment to excellence n Weekly responses are made to inaccurate media and blog articles A well prepared capital budget is necessary for successfully planning, funding, and implementing capital projects, but the process of recognizing capital needs and the creation of a capital plan occurs long before the development of the annual budget. Finance officers have an opportunity to contribute valuable insight at all stages in the capital planning process and help local governments make capital project investments that align with long-term service goals, objectives, and strategies. With Capital Project Planning and Evaluation: Expanding the Role of the Finance Officer, the GFOA takes a practical approach to capital project planning. Focusing on common essential projects for small and mid-size local governments, this eighth volume of the GFOA Budgeting Series provides finance officers enough information to become educated consumers of capital projects and to become active participants in the capital planning and evaluation process, including needs assessment, project planning, project evaluation, and project implementation. n A letter to the editor from the IMRF executive director and the National Association of State Retirement Administrators was published in several area newspapers As the national economy continues to sag, the Illinois Municipal Retirement Fund is making a profound and positive impact on economies across the state. IMRF will continue to find ways of using its brand to communicate with members, retirees, governmental units, and taxpayers. y PHYLLIS WALKER is finance operations manager at the Illinois Municipal Retirement Fund. She is responsible for overseeing the collection of governmental unit payroll data and payments, distribution of benefit payments, and supporting financial reporting. 72 Government Finance Review October 2010
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