Mission Statement & History
The mission of the Policemen’s Annuity and Benefit Fund of Chicago (“PABF”) is to provide retirement, survivors, and disability benefits to sworn members of the Chicago Police Department, their spouses, and children.
The Board is composed of 8 trustees: 4 of whom are elected and 4 of whom are appointed by the Mayor of the City of Chicago. The elected trustees include one active police officer from each rank of patrolmen, sergeant, lieutenant or above, and one annuitant. The Board elects one trustee as President, one as Vice President, and one as Recording Secretary.
1 Police Officer
1 Retired Member
4 Appointed by the Mayor of the City of Chicago
The Board of Trustees administers benefits, manages the Fund’s assets, and employs staff members. All members of the Board of Trustees are fiduciaries with respect to the Fund and are statutorily mandated to discharge their duties as such solely in the interest of the Fund’s participants and beneficiaries. The Board is required by law to hold regular meetings each month and submit a detailed report of the affairs of the Fund to the State and to the City Council of Chicago each year.
The Board, among its many other duties, is required by law to:
- Consider and approve all applications for annuity and benefits
- Invest the assets of the Fund pursuant to statutory regulations
- Develop rules and regulations for the proper conduct of the affairs of the Fund
- Conduct an annual audit of the accounts of the Fund by a certified public accountant
- Employ an enrolled actuary to provide an annual actuarial statement
The Board appoints an Executive Director to oversee all administrative functions and supervise office staff. The Executive Director ensures all Board decisions and policies are implemented and properly executed.
The Fund supports diversity and equal opportunity in all aspects of Fund operations. The Board is committed to having staff, service providers and an investment portfolio that represents a variety of backgrounds, perspectives, and skills. The Board believes that the more inclusive the Fund is, the better it is for its members and for the community.
The Board’s hearing rules and procedures can be found here: PABF Hearing Rules and Procedures.pdf.
Board of Trustees
Michael K. Lappe
Elected Retiree Representative // Vice Presidentmichael.firstname.lastname@example.org Biography
Michael J. Stiscak
Elected Lieutenant Representative // Recording Secretarymstiscak@chipabf.org Biography
Jennie Huang Bennett
Appointed Trustee // Chief Financial Officer of the City of Chicagojennie.email@example.com Biography
Appointed Trustee // Treasurer of the City of ChicagoMelissa.firstname.lastname@example.org Biography
Appointed Trustee // Budget Director of the City of ChicagoSusie.Park@chipabf.org Biography
Appointed Trustee // Senior Advisor and Counsel to Mayor Lightfootsskardon@chipabf.org Biography
US SMALL/MID CAP VALUE EQUITY
Posted: October 10, 2020 | Current Status: Awarded to Ariel Investments
The Retirement Board of the Policemen’s Annuity and Benefit Fund of Chicago (“the Fund" or “PABF") requested proposals from qualified firms interested in managing a SMID Value, benchmarked against the Russell 2500 Value Index. This search was limited to traditional long only investment managers, hedge fund managers were not considered for the mandate. Active and passive strategies were also not considered for this mandate.
The RFP and relevant documents for this search can be found on the Fund’s investment consultant’s website by clicking this link.
Electronic responses are due by:
3:00 CST on September 1, 2020.
Responses submitted after this time and date will not be considered.
Questions concerning the RFP must be submitted in writing via e-mail to the investment consultant’s search contact by 12pm CST on August 10,2020. Responses to properly submitted questions will be consolidated in a single Q&A document and posted on the consultant’s website on or around August 17, 2020. No phone calls please.
FREEDOM OF INFORMATION ACT
The Illinois Freedom of Information Act (“FOIA") is intended to ensure that members of the public have access to information about their government and its decision-making process. It requires all public bodies, including the PABF, to make its public records available for inspection and copying. Under FOIA, all records of a public body are presumed to be open for inspection and copying. However, FOIA also permits certain records to be withheld from inspection. For more information regarding FOIA and current exemptions, see the Illinois Freedom of Information Act at 5 ILCS 140/1 et seq.
Please review the following information and instructions on how to file a FOIA request with the PABF:
1. Submit your FOIA request in writing. The PABF does not require the completion of a standard form for this purpose. You may submit your written request by mail, fax or e-mail directed to:
2. Be as specific as possible when describing the records you are seeking. Remember, FOIA is designed to allow you to inspect or receive copies of records. It is not designed to require a public body to answer questions.
3. Indicate whether you would like copies of the requested records, or whether you wish to examine the records in person. You have the right to either option.
4. Expect to receive the first 50 pages of standard paper copies free of charge. For pages beyond 50, you will be charged 15¢ per page.
5. If you are seeking a fee waiver, please include the following statement (or a similar statement) in your written FOIA request: “I request a waiver of all fees associated with this request." In addition, you must include a specific explanation as to why your request for information is in the public interest – not simply your personal interest – and merits a fee waiver.
6. Please include your name, preferred telephone number(s), mailing address, and, if you wish, your e-mail address.
For additional questions about requests for information, please call the PABF office at 312-744-3891.
For additional general information about FOIA in Illinois, you can access the website of the Illinois Attorney General.
OPEN MEETINGS ACT
The purpose of the Open Meetings Act (OMA) is to ensure that the actions of public bodies are taken openly and that their deliberations are conducted openly. For more information regarding the OMA, see the Illinois Open Meetings Act at 5 ILCS 120/1 et seq.
The PABF acknowledges it is a “public body" as defined in the Act, 5 ILCS 120/1.02, and adopts the following policy in accordance with the Act regarding the methods of attendance by Board Members at meetings, the procedure to record open meetings, and the procedure to address the Board at meetings.
For additional general information about OMA in Illinois, you can access the website of the Illinois Attorney General.