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2024 Spring Trustee Special Election

The Special Election to fill the vacancy for the residual term of the Active Police Member Trustee from the Rank of Investigator, Patrolman, or equivalent rank ending November 30, 2024 will take place via online voting from April 26, 2024 thru May 15, 2024.  An independent election firm will administer the election with all balloting conducted online.

A timeline of the important dates and activities related to the election can be found at the following link:  PABF Spring 2024 Trustee Special Election Timeline.

Interested parties may print out nominating petitions via the following link:

Hard copies of nominating petitions may also be obtained from the Fund Office from 9:00am to 4:00pm, Monday thru Friday beginning March 1, 2024.

Those eligible to vote should monitor their Chicago Police Department email (or their personal email, if on disability), for more information as we approach the election date.

Detailed rules concerning the Special Trustee Election are available at the PABF Office and via the following link: Spring 2024 Trustee Special Election Rules.

 

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Benefit Payment Participant Web Passport

Beginning in April, members who currently receive a monthly benefit from the Fund will have the opportunity to enroll in the “Benefit Payment Participant Web Passport” portal through the Fund’s custodian, Northern Trust.

After completing a secure enrollment process, which involves providing key data elements to create a unique user ID and password, enrollees will have secure access to their payment history, can obtain copies of their 1099R’s, change their tax withholding or direct deposit information as well as update their address and contact information, all online.

For more information, please see the Northern Trust Benefit Participant Web Passport Pamphlet which can be found here.

To enroll, visit northerntrust/bppweb and follow the prompt to register (you will see the link to register on the bottom right-hand of the screen).

For assistance specifically related to enrollment or password resets please contact the Northern Trust Benefit Payment Participant Service Center at 888-259-6835.

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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 (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

 

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Added Security Measures

In order to provide an additional layer of protection for your accounts, Fund staff will be asking you to provide a copy of your state identification when you initiate changes to your personal information.  Thank you for your patience and know that we are taking this additional step for your protection.

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Board Statement May 2021