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Jan 30, 2017 08:09 AM

Pension Reform Legislative Update

In an effort to address concerns regarding the long-term solvency of the Laborers’ and Retirement Board Employees’ Annuity and Benefit Fund of Chicago (LABF), Senate Bill 14 was filed with the Secretary by Senator John J. Cullerton on January 11, 2017. On Wednesday, January 25, 2017, Senate Bill 14, which is very similar to Senate Bill 2437 (see below for details), was called to a vote in the Illinois Senate and passed. Senate Bill 14 is currently in the Illinois House.

 
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IRS Tax Distribution Form 1099-R

The IRS Form 1099-R for distributions made by the Fund will be mailed by January 31st. Please review the attached for an explanation of the various boxes on the form.

 
Dec 02, 2016 09:56 AM

Pension Reform Legislative Update

House Amendment 3 to Senate Bill 2437 was filed on November 14, 2016 by Representative Barbara Flynn Currie in an effort to address concerns regarding the long-term solvency of the Laborers’ and Retirement Board Employees’ Annuity and Benefit Fund of Chicago. On December 1, 2016, the Illinois House of Representatives passed House Amendment 6 to Senate Bill 2437. The bill has not yet been called to a vote by the Senate. We will have more information when the General Assembly resumes session in ​

 
Dec 01, 2016 09:06 AM

Pension Legislation Introduced to Address LABF’s Looming Insolvency

House Amendment 3 to Senate Bill 2437 was filed on November 14, 2016 by Representative Barbara Flynn Currie in an effort to address concerns regarding the long-term solvency of the Laborers’ and Retirement Board Employees’ Annuity and Benefit Fund of Chicago. Currently, the Illinois House of Representatives is considering House Amendment 6 to Senate Bill 2437. Click here to follow the legislative activity and view a brief synopsis the Bill.

 
Nov 16, 2016 03:34 PM

CITY RETIREE HEALTHCARE EXPIRES DECEMBER 31, 2016

2016 marks the end of a three-year phase out of City of Chicago (“City”) retiree healthcare plan coverage. With the exception of those who retired prior to August 23, 1989, retirees will no longer be covered by a City-provided health plan at the end of the year, and these retirees must enroll in other insurance for 2017 to avoid a gap in coverage. MEDICARE ELIGIBLE CITY RETIREES who have Medicare Parts A and B will need to sign up for other supplemental insurance such as a Medicare

 
Aug 11, 2016 03:49 PM

2016 Trustee Election

NOTICE is hereby given that, under the terms of the Illinois Pension Code, the Board of Trustees of the Laborers’ and Retirement Board Employees’ Annuity and Benefit Fund of Chicago (“Board”) is empowered and instructed to call for and hold an election for one active employee member to serve as trustee on the Board for a term beginning December 2, 2016 and ending December 1, 2019. Any employee participant who holds or will have held a position by virtue of certification and appointment as a

 

IMPORTANT! Suspension of Annuity Payments

The 2016 Annual Signature Verification Forms were mailed April 15th. The deadline to return the completed forms was May 13, 2016. Please be advised, if you currently receive a monthly annuity payment and have not submitted your completed notarized form to the Fund, your payments will be suspended effective July 1, 2016. Your payments will resume when your completed notarized form has been received and validated.

 
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Annuitant Signature Verification Forms Mailed - Return By 5/13/16

The Annual Annuitant Signature Verification Forms have been mailed and are to be returned to the Fund by 5/13/16.

 
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Participant Statements

The 2015 annual Statement of Participant's Accumulated Contributions has been mailed to active members. Please contact the Fund to revise personal information.

 

Importance of Proper Funding

On June 9, 2014, Senate Bill 1922, which called for several changes to LABF pension benefits beginning January 1, 2015, was signed into law and became Public Act 98-0641 (“Act”). Specifically, the Act called for reductions in future automatic annual increases in annuity, commonly referred to as “COLAs.” The Act also required increased pension contributions from active employees in exchange for actuarial-based funding from the City of Chicago that would have put the LABF on a path toward ...

 
 
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