Automatic Annuity Increase For 2015
2015 Annual Automatic Increase in Annuity
In accordance with Illinois Public Act 98-0641, the annual automatic annuity increase in 2015 for eligible annuitants of the Laborers’ and Retirement Board Employees’ Annuity and Benefit Fund of Chicago has been calculated and provided to the Fund by the Illinois Department of Insurance.
Eligible annuitants who receive less than $22,000 annually will receive a 1% increase based on their 2014 gross annuity.
Eligible annuitants who receive $22,000 or more annually will receive a 0.85% increase based on their 2014 gross annuity.
Please note that the increase will be reflected in the “gross earnings” figure on the annuitants’ January 2015 earnings statements. Please see the Fall 2014 edition of For Your Benefit, the Fund’s newsletter, for more information regarding changes taking effect January 1, 2015.