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NOTICE: JUNE’S INVESTMENT MEETING DATE HAS BEEN CHANGED TO TUESDAY JUNE 25, 2024

The Investment Meeting of the Board of Trustees of the Policemen’s Annuity and Benefit Fund of Chicago (the “PABF”) scheduled for Friday, June 21, 2024, at 9:00 A.M., has been rescheduled to Tuesday, June 25, 2024, at 9:00 A.M.

The agenda for the June 25, 2024, Investment Meeting and items to be considered at this meeting will be made available electronically on the PABF website no later than 9:00 A.M. on June 21, 2024.

 

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TIER 2 EMPLOYEE CONTRIBUTIONS – REQUEST FOR REIMBURSEMENT

The Fund has discovered a pension contribution shortfall affecting approximately 3,000 active Tier 2 members. The shortfall occurred based on a fiscal year discrepancy with the City of Chicago because the City counted the retroactive salary contract payments members received 1/1/2022 towards the 2022 annual salary cap. (Tier 2 members are subject to an annual salary cap each plan year in accordance with Section 40 ILCS 5/5-238(b) of the Illinois Pension Statutes.) As a result of the City application of the amounts received toward the 2022 annual salary cap, the City did not withhold the correct 9% of members’ salary and duty availability pay for the required payment to the Fund and instead paid that amount directly to the members. In adherence with Section 40 ILCS 5/5-169(a), the Fund is required to collect the missing contributions including statutory interest of 3%. If the members’ missing contributions go unpaid until the time of their retirement, then the amount due (including accrued interest) will be withheld from their future annuity payment.

Any Tier 2 member who receives a letter and has any questions can call the Benefit Calculations Group at the Fund at (312) 235-4597. 

 

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2024 CONTINUING BENEFIT ELIGIBILITY AFFIDAVITS – DUE JUNE 30, 2024

The Fund is in the process of sending Continuing Eligibility Affidavits to all Retired Members and Surviving Spouse Members.

The Fund sends these out every few years to ensure that recipients of annuity benefits are valid.

The ORIGINAL form must be completed in its entirety, must be notarized and returned to the Fund’s office (221 N. LaSalle Street, Suite 1626, Chicago, IL 60601) by June 30, 2024.

Failure to return the completed ORIGINAL form by June 30, 2024 will result in suspension of your benefits.

 

 

 

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2024 Spring Trustee Special Election Results

Thank you to all members who voted in the  2024 Spring 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.

The election took place via online voting from April 26, 2024 thru May 15, 2024.  Per the independent election firm that administered the election, the results are as follows:

  • Detective Brock Merck:                 910 votes

  • Officer Michelle Tannehill:             436 votes

  • Officer Junae D. Weathersby:       292 votes

 

Detective Merck received a majority of the votes.

Per the election rules, Any person wishing to contest the results of the election may do so by providing an affidavit to the Fund’s office signed by the person or persons contesting any election and setting out the reasons why the declared result was inaccurate.  The affidavit must be received within ten (10) days after the results of the canvass have been given the candidate(s).  For this particular election, the 10 day period ends, and therefore any affidavit must be received by, 5PM on Monday, May 27, 2024.

Once any affidavits contesting the results of the election are addressed, or the 10-day period noted above ends with no affidavits received, the Board will vote on a motion to certify the results of the election.  The term of the new Trustee will commence once the results are certified by the Board and will continue through November 30, 2024.

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