The Board Responds to False Allegations with Facts

The Retirement Board (“Board”) of the Policeman’s Annuity and Benefit Fund of Chicago (“Fund”) prepared the attached report in response to a document authored by a person named Christopher Tobe and released in August 2021.

The author misstated and omitted facts, overlooked governing law and relevant accounting standards, and ignored his professional training.

As discussed in the detail in the attached report, a fact-based analysis of the Fund and its operations shows the:

  • Fund operates in a transparent manner consistent with applicable laws.
  • Board does not award “no bid contracts” to investment managers.
  • Board, Fund Staff, and the Fund’s Investment Consultant understand and monitor investment fees.
  • Board, Fund Staff, the Fund’s Investment Consultant, and Auditor do not hide investment fees.
  • Fund does not hide or use “ghost” investment managers.
  • Fund’s investments have not underperformed when compared against benchmarks that accurately reflects the Fund’s holdings.
  • Fund’s investment performance has not been manipulated.

It is important to remember that the Fund’s mission to provide retirement, disability and survivor benefits to sworn members of the Chicago Police Department, their spouses and children.  Consistent with its mission, the motivation behind any Board decision is to ensure a secure financial future for members and their families while complying with all applicable laws and regulations. Be assured that as fiduciaries, the Board acts solely in the interest of the Fund’s beneficiaries.

The Board also believes in transparency. Accordingly, the Fund’s website ( provides members with detailed information regarding the Fund’s financial stability, investment performance, investment policy, monthly cash flow, procurement activity, financial statements, and annual financial audits. Further, the Fund’s financial reporting complies with Generally Accepted Accounting Principles (GAAP), which is the standard accepted by the U.S. Securities and Exchange Commission. The purpose of GAAP is to ensure that financial reporting is transparent and consistent. Finally, the Fund welcomes input and participation at its regular monthly and investment committee meetings, which are open to the public.


The Retirement Board of the Policeman’s Annuity and Benefit Fund of Chicago