Why Invest In IMET?
IMET’s two funds, the 1-3 Year Series and the Convenience Series, can complement a participant's own investment program. Adding different strategies increases diversification which may enhance safety. Each series is comprised of a diversified basket of investments.
IMET conducts daily mark-to-market pricing, recommended by the GFOA, to keep participants constantly aware of the market value of the 1-3 Year Series portfolio. While designed for investments of longer than one year, participants are able to redeem their shares of the 1-3 Year Series with 5 business days notice. The Convenience Series provides daily liquidity to participants.
IMET funds are managed with the goal of meeting or exceeding their respective benchmark. The 1-3 Year Series is benchmarked to the Bloomberg Barclay’s 1-3 Year Government Total Return Index. The Convenience Series is benchmarked to the Federal Funds Rate.
No Minimums / No Maximums
There are no minimum investment requirements to join or participate. There are no maximum limits on the number of accounts participants can establish.
IMET practices – continuously – are aligned with GFOA and industry best practice and operational excellence - including collateralization, third party custody, and periodic competitive procurement.
IMET is governed by a Board of Trustees comprised of Illinois public officials representing IMET participants. The Board meets monthly to review goals, objectives and the direction of IMET. Participants also benefit from an independent administrator that acts as transfer agent and provides fund accounting and reporting, and a third party custodian.
The GFOA Executive Board adopted two best practices pertaining to investing at its September 20, 2019 meeting, Collateralizing Public Deposits and Using Cash Flow Forecasts for Treasury and Operations Liquidity.Read more