Lieutenant James P. Maloney, Trustee • Recording Secretary
I want to congratulate all our recent retirees. May you enjoy a long retirement. All retired Lieutenants, please contact Terry McMahon, our retiree representative and update your email and contact info for the Lieutenants Association, this is not for the Pension Fund. firstname.lastname@example.org
I would like to thank the staff of the Chicago Police Pension for all the work that they do. Two staff members have moved on to other entities. Tony Kiefer has taken a job with Aon Corporation and Maggie O’Grady has retired and taken a position with the Chicago FOP Lodge Seven. I wish them the very best and many thanks for the years of service. [Full Article]
Sgt. Brian E. Wright #1575, Trustee • Vice-President
First and foremost, let me thank the membership for re-electing me as the Sergeant Trustee. I am honored that you entrust me with the duties of this office and will continue to fight to protect the benefits that we have all worked so hard to earn.
“2016” is an ominous number right now for this Fund and for the City of Chicago. As you are all aware, the City is going to have to triple their current payment and pay approximately $600 million into this fund in 2016. The Mayor has tried to get relief from that pending payment but to no avail…so far. With the election of Bruce Rauner as Governor, a new day is upon us. Governor Rauner has stated in the past that he puts public safety, police and fire, in a different category than other government employees. He has stated that police and fire deserve defined benefit pensions (what we have). He just has not come up with a plan to fund those pensions. [Full Article]
P.O. Michael K. Lappe, Trustee
On November 18, 2014 an Amendment to Senate Bill (SB2809) was introduced to have civil language incorporated that would allow the Attorney General’s office greater authority concerning pension decisions. This was heard and passed in both Houses on December 4th, 2014. This Amendment is a direct result after the Jon Burge decision(s). Both the Illinois Houses granted the attorney general the ability to terminate future benefits in which a pension is being paid to a convicted public official, (police officer). We the elected trustees at the Chicago Policemen’s Annuity and Benefit Fund find this newly created legislation unnecessary and another example how elected politicians make it their business to mingle in a pension board’s decision. Let’s put the screw up where it belongs. Are you lawyers and elected politicians listening? Had the legal system prepared and fulfilled their responsibility to prosecute Jon Burge from the on-set, the crux of newly created legislation would never have been an issue today. [Full Article]
Kenneth A. Hauser, Trustee • President
The Pension Fund Chief Investment Officer (CIO), Sam Kunz, announced his resignation on November 7, 2014 effective November 17, 2014. He obtained new employment at the University of California; Oakland which I feel is a great opportunity. I appointed the Fund Secretary/Trustee, Lt. James Maloney the Acting CIO until the Fund hires a new CIO.
The City Treasurer, Stefanie Neely, has resigned from the Pension Fund effective November 30, 2014. She has been hired by Allstate Insurance Company as a Vice-President effective December 1, 2014. I wish her the very best of the future. She will be missed. The Mayor has replaced her with Kurt Summers effective December 1, 2014. Welcome aboard. [Full Article]
UPDATE FROM THE FUND’S NEW TRUSTEE
By Kurt A. Summers, Jr.
As the newest trustee appointed to the Policemen’s Annuity & Benefit Fund, I am committed to ensuring the safety of the PABF’s investments and also to getting the best return for the annuitants, beneficiaries and sworn officers who have sacrificed and provided that same safety and protection for Chicago. Since being sworn into office on December 1, 2014, I have outlined an effort to ensure that we are pursuing a comprehensive strategy across all of the local retirement funds to perform our fiduciary obligation to the members of the City plans. As we search the globe for investments that provide the greatest risk adjusted returns for our plans, we must remember not to overlook those hometown investments right here in Chicago, which can help create jobs and contribute to our economy in ways that can also benefit the contributions to our plan assets. In addition, we have an opportunity to work collaboratively with all local plans to guarantee the lowest fees and greatest performance as One Chicago. We can work together with our investment management partners to achieve savings that will benefit all of our plans and their members. The issues that this board will face are complex and challenging, but the opportunities are great. I look forward to working with each of you to get the best results for our members, retirees and all Chicagoans.