News

October 18, 2016
ACTION REQUIRED - City of Chicago Annuitant Healthcare

If you are a City of Chicago annuitant participating in the City's healthcare plan , click here for the latest information regarding options for group healthcare in 2017.

March 19, 2016
Illinois Freedom of Information Act Disclaimer

It has come to our attention that information obtained legally from the Fund through the Illinois Freedom of Information Act, is being utilized in solicitation of services by private, third party vendors. These vendors may be representing that personal information was provided by the Fund and that the Fund is aware of and condones their business practices.  Although Illinois Law requires disclosure of information regarding our members which includes names, age, retirement date, annuity amount, final employer, title at retirement, credited service, current title, current reported salary and current employer, the Fund never discloses personal, private information including addresses, phone numbers, email addresses or beneficiary information.
 

Please note that the Fund does not endorse any products or authorize outside entities to contact members on its behalf.
 

Should you have any questions regarding this policy, please contact the Fund at 312-236-4700.

February 22, 2016
IMPORTANCE OF PROPER FUNDING

The Municipal Employees’ Annuity and Benefit Fund of Chicago (“Fund”) has informed the City of Chicago, the State of Illinois, and the bargaining units that represent the majority of the employees covered by the Fund that the Fund faces the risk of insolvency unless it receives proper funding.  Public Act 98-0641, which in part included a schedule to move the Fund to actuarially based funding, was ruled unconstitutional by the Circuit Court of Cook County because certain provisions of Public Act 98-0641 were held to improperly diminish or impair existing pension benefits.  As a result of the court’s ruling, the Fund returns to a funding formula based on a multiplier of employee contributions, which is insufficient to adequately fund the Fund.  The Circuit Court’s ruling currently is on appeal to the Illinois Supreme Court but the Fund has no idea when a decision will be released or what the decision will be. 

 

Click here to read the letter recently sent to the elected officials of the City of Chicago, State of Illinois, and the bargaining units.  As you will note, the letter also includes a report showing the current funding situation of the Fund as well as the Laborers’ Fund, including comparisons to other pension funds within the State of Illinois.

 

September 21, 2015
Public Act 98-0641 - Update

For eligible employee annuitants, a special one-time payment will be made to you the week of September 21st by our benefit service provider, The Northern Trust. You will receive, in the mail, either an electronic fund transfer advice or physical check, if you do not have your monthly annuity payment made by direct deposit. The message printed on the advice or check is as follows:

The Cook County Circuit Court overturned Public Act 98-0641. The effect on your benefit is that the 3% compounded annual increase is restored. Back on January 1, your monthly annuity was increased by an amount less than the 3%. This payment represents the adjustment in your annual increase retroactive to January 1, 2015. The benefit due October 1, 2015 will represent your new, monthly, gross annuity with the 3% annual increase.