Board Statement Sept 2021

 

Putting Members First

 

The Retirement Board (“Board”) of the Policeman’s Annuity and Benefit Fund of Chicago (“Fund”) is aware of a recent report commissioned by a small group of retirees that may have caused unnecessary concern among some of our membership. The Board has reviewed the report and plans to prepare a detailed response.

In the meantime, the Board would like to remind members of 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 (chipabf.org) 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.

 

Sincerely,

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

September 2021