Hedge Fund Focus

Policemen’s Annuity & Benefit Fund of Chicago

• Website: http://www.chipabf.org/
• Location: 221 North LaSalle Street, Suite 1626, Chicago, Illinois 60601
• Phone: +1 312.726.5082
• Regulations:
• Other:

Description From Website:

Inception

The Fund came into being in the year 1922 by virtue of an Act of the Illinois legislature. The Fund was created by the State of Illinois for the expressed purpose of providing retirement, survivors and disability benefits to the City of Chicago Police officers.

The Pension Code to which this Fund is subject applies to employees in cities of more than 500,000 inhabitants, which means that at the present time, it is applicable only to the City of Chicago.

The Fund is administered in accordance with Chapter 40 ILCS 5/5 101 et. sq. and The Fund’s powers, duties and responsibility are derived from the statutory language thereof.

Administration

A Board of Trustees, called the Retirement Board administers the Fund. The Board consists of four (4) mayoral appointees and four (4) elected trustees. The elected trustees each represent a class rank of police officer, sergeant, lieutenant and above and a retired member representative.

The Board appoints an Executive Director who is charged with ensuring that all Board decisions and policies are implemented and properly executed. The Board also approves of all hirings requested by the Executive Director.

The Board elects one of its own members as President, one as Vice President, and one as Recording Secretary, and is by law required to hold regular meetings each month. The Board, among its many other duties, is required by law to: (a) consider and pass upon all applications for annuity and benefits; (b) invest the monies of the Fund pursuant to statutory regulations; (c) make rules and regulations for the proper conduct of the affairs of the Fund; (d) have an audit of the accounts of the Fund made at least once each year by a certified public accountant; and (e) submit a detailed report of the affairs of the Fund to the State and to the City Council of Chicago each year.

Persons Included

The Fund covers and includes the following persons:

• An employee in the regularly constituted police department of a city appointed and sworn or designated by law as a peace officer with the title of policeman, policewoman, chief surgeon, police surgeon, police dog catcher, police kennelman, police matron, and members of the police force of the police department; and
• An employee as defined in sub-paragraph (a) immediately above who serving in the regularly constituted police department of a city in a rank or position which is exempt from career service and who, immediately prior to the time he began such service, was a participant in the Fund; and
• Any policeman of a park district transferred to the employment of a city under the ‘Exchange of Functions Act of 1957’.

The masculine gender whenever used herein includes the feminine gender and all annuities and benefits applicable to male policemen and their survivors and the contributions to be made for widows’ annuities or other benefits, shall apply with equal force to female policemen and their survivors without any modification or distinction whatsoever. (Sec. 40 ILCS 5/5-109.1)

****

Articles on Policemen’s Annuity & Benefit Fund of Chicago By Hedge Fund Focus:

• Currently No Articles