TRUSTEES’ CORNER

Sgt. Brian E. Wright #1575, Trustee • Recording Secretary

Policemens

FUNDING

Former Mayor Emanuel spoke recently about the funding issues of the pension funds. He had several points he was trying to make, but I will only address three. First, he stated he wanted to open up the Illinois State Constitution to allow for the removal of the three percent compounding Cost of Living Adjustment (COLA) of the Municipal and Laborer’s funds. We DO NOT have a compounding COLA. Our COLA is 3% of your original annuity starting at age 55. The problem with opening the Constitution and the pension protection clause it contains is that you cannot specifically target two funds. Once the Constitution is opened, everyone’s fund is at risk. If, and when, this issue arises in the future, be sure to campaign vigorously against it. The Constitutional pension protection clause is the only thing that has kept the City from reducing our benefits. Let’s keep it that way.

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P.O. Thomas Beyna, Elected Trustee • President

Policemens
INVESTMENTS

The portfolio was down at the end of the 4th quarter last year, primarily due to the sharp sell-off of equities at the end of December. Markets were volatile as the trade war with China, further Fed rate hikes, and the U.S. government shutdown impacted investor sentiment. However, in the first quarter many of these fears subsided and financial markets responded favorably. The 1st quarter of 2019 proved to be much of the opposite as virtually all asset classes produced positive returns.

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Mike Lappe, Elected Trustee

Policemens
Dear Annuitant Brothers and Sisters

I wish to take this opportunity to thank our Retired and Widowed members for their support in the past pension election that was held in October 2018. I was honored and humbled to have prevailed as the trustee who will represent you for the next three years. 3,544 votes put me over the top compared to the FOP’s endorsed candidate who took in 810 votes while the other two candidates drew 725 and 665 respectively. There is much work to be accomplished on our behalf. I would be remiss if I did not acknowledge the overwhelming support from retired members and the unanimous endorsement of the Chicago Policemen’s Retired Association Board of Directors (This organization can distribute current information for retired members in a timely manner. If you’re not a member now, consider joining.). Additionally, Retired Trustee Ken Hauser who I replaced, was very instrumental in getting the word out to other organizations and selected retirees’ social events. Thank you Ken!

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Lieutenant Edward M. Wodnicki, Elected Trustee

Policemens

Pension Advisor is a publication of the Policemen’s Annuity and Benefit Fund. You will be receiving a copy to update you on the matters that affect your pension and the concerns of active police officers, retirees and widows that make up our membership. If you have a question about your pension or the Fund, or, if there is a particular issue you would like to see addressed, please feel free to send a note to:

POLICEMEN’S ANNUITY AND BENEFIT FUND
PENSION ADVISOR
221 North LaSalle Street – Suite 1626
Chicago, IL 60601