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Aug 19, 2020 11:21 AM

LABF seeks Registered Lobbyist

The LABF has issued a Request for Information (RFI) from Registered Lobbyists with responses due by September 11, 2020. Please see attachment for details.

 
Aug 13, 2020 07:51 AM

Retirement Board News:

The Retirement Board of the Laborers’ and Retirement Board Employees’ Annuity and Benefit Fund of Chicago (LABF) is pleased to announce that Tina Consola has been hired as Executive Director for the Fund. We are delighted to welcome Ms. Consola and look forward to the benefits of her leadership and vision. Ms. Consola will start on August 17th, 2020.

 
Aug 03, 2020 06:15 AM

2020 Trustee Election

2020 Trustee Election In accordance with state law, the term of the trustee representing the Fund’s annuitants expires December 1, 2020. On Thursday, October 15, 2020, an election will be held to select a representative for this position for a term beginning December 2, 2020 and ending December 1, 2023. Regulations governing the election are summarized below. For a complete list of election rules visit: LABFChicago.org.

 
Mar 30, 2020 02:25 PM

SCAM ALERT

The LABF was notified of a Medicare scam in which the current COVID-19 pandemic is used as an excuse to obtain personal information from Medicare eligible members who obtain their health insurance through Blue Cross and Blue Shield of Illinois. You can read the BCBS Notice here:

 
Mar 23, 2020 04:02 PM

Pension Protections and the LABF’s Investments

Many members have recently contacted the LABF expressing concern about the recent downturn in the global financial markets and its impact on their pensions and the LABF investments. The status of the LABF’s investments will not affect the amount of your pension. The Illinois Supreme Court has held that your pension is guaranteed by the pension protection clause of the Illinois Constitution, regardless of the amount of money that exists in the LAB

 
Mar 18, 2020 09:55 AM

COVID-19 NOTICE Update

Due to the COVID-19 virus outbreak, the LABF’s office will be operating remotely Monday through Friday from 8:30am to 4:30pm beginning on March 18th. We will not be accepting visitors in the LABF office. We currently expect that all benefit payments will be processed as normal. You may reach our staff via phone, email and fax. We will return all calls and emails as soon as possible. Please rest assured we are pursuing every avenue to provide the service that our members expect during th​

 
Mar 16, 2020 07:28 AM

COVID-19 Notice

revised March 18, 2020 The World Health Organization (WHO) and the Center for Disease Control and Prevention (CDC) is responding to an outbreak of respiratory disease caused by a coronavirus known as COVID-19. The United States Secretary of Health and Human Services declared COVID-19 presents a public health emergency and Governor Pritzker issued a disaster proclamation in response to COVID-19. Since COVID-10 has been detected in numerous locations in Illinois including Chicago the LABF ​

 
Sep 25, 2019 12:02 PM

Healthcare Subsidy Refund

The Circuit Court of Cook County has ordered that all eligible City of Chicago employee annuitants (both current and future employee annuitants, but not spousal or child annuitants) of the LABF are entitled to receive a health insurance premium subsidy of $25 per month from the LABF, representing a partial reimbursement for healthcare costs, for each month after December 31, 2016 in which they qualify. The eligibility requirements are: * Annuitant must have retired on or after August 23, 1989

 
Sep 17, 2019 04:09 PM

2019 Trustee Election

Notice is hereby given that the trustee election which was to be held on Thursday, October 10, 2019, has concluded because the incumbent candidate, Michael LoVerde, ran unopposed. In accordance with State law, LABF’s Board of Trustees must conduct an election each year, under the rules adopted by it, for the purpose of selecting a trustee responsible for representing the members of the LABF. The 2019 election was to be held to select a trustee from among the active employee members of the LABF

 
Dec 21, 2018 12:00 PM

Retiree Healthcare Premium Refunds

The City’s Records Show That Some City Retirees May Have Uncashed Healthcare Premium Refund Checks. To see if you or a family member is due an uncashed check, please...

 
Feb 01, 2018 09:31 AM

2018 Tax Update

Annuitants, please be advised, the 2018 IRS tax withholding rates will be reflected in the March 1, 2018 annuity payment. For more information regarding tax updates, click here to be directed to the IRS website. For information regarding pensions and annuity withholdings, visit: www.IRS.GOV/individuals/international-taxpayers/pensions-and-annuity-withholding. The LABF cannot and does not offer tax advice.

 
Dec 08, 2017 03:04 PM

The LABF May Owe You Money

Currently, the LABF holds contributions from Inactive Members who have never filed for pension benefits or a refund of contributions. We are trying to find these members. Click here to review the Unclaimed Contributions List to see if you, or someone you know, may be owed a refund of contributions or a benefit.

 
Oct 13, 2017 03:05 PM

2017 Trustee Election Winner

Trustee Election 2017 In accordance with State law, an election was held to select the Retirement Board Trustee representing the LABF’s annuitants for a three-year term that begins December 2, 2017. The candidates in the LABF 2017 Trustee Election were: JAMES CAPASSO (retired December 2012) DANIEL SHEEHAN (retired August 2014)

 

2017 Trustee Election

In accordance with State law, an election is scheduled to be held to select the Retirement Board Trustee representing the LABF’s annuitants for a three-year term that begins December 2, 2017. Portions of the rules governing the election are summarized below. For a complete list of election rules, visit our website at LABFChicago.org/2017-trustee-election/

 
Jul 28, 2017 12:00 PM

Public Act 100-0023

Public Act 100-0023 On July 6, 2017, Senate Bill 42 was enacted into law, becoming Public Act 100-0023. The new law provides additional funding to LABF and creates a new tier of pension benefits. More detailed information regarding the new law and how it impacts LABF’s members will soon be made available on our website.

 
Apr 28, 2017 02:59 PM

Senate Bill 14 Passes Both Houses

On April 27, 2017, Senate Bill 14 was called to a vote in the Illinois House and passed on a roll call vote of 63-45-2. This bill, very similar to Senate Bill 2437 which was vetoed by Governor Rauner on March 24, 2017, has now passed in both Houses. Mr. Rauner has 60 days from the date it is delivered to him to either sign or veto the bill. The LABF will continue to update you as things progress.​

 
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IRS Tax Distribution Form 1099-R

The Form 1099-R’s are mailed by the end of January. In some cases, you may receive more than one since a Form 1099-R will be sent for each distribution type. For example: You will receive two Form 1099-R’s for the year in which you attain age 59 ½. There are different distribution codes for the payments issued before age 59 ½ and the payments issued after you attain age 59 ½. You may need to include the Form 1099-R with your federal income tax filing. Please see the Sample Form 1099-R below

 
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.

 
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.

 

2015 Trustee Election Results

An election for active employee trustee was held at the Fund’s offices on Thursday, October 15th. Trustees Roa and Hamburger, comprising the Election Committee, declared James “Jim” Joiner (Department of Water Management) the winner. Mr. Joiner’s 3-year term will begin December 1, 2015. The vote totals were as follows: James M. Joiner – 168 votes Frank Earullo – 64 votes Joseph Rinella – 19 votes David Torres – 18 votes Shawn McCormick-Mahon – 8 votes Michael E. Sullivan – 6 votes

 
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2016 Retiree Healthcare Open Enrollment

The City of Chicago is offering open enrollment for retirees to change their healthcare plan effective January 1, 2016. Please review your packet in addition to the website www.chicagoretireebenefits.org for researching your healthcare options. The deadline for enrolling in a different health care plan has been extended to October 20th.

 

What the Public Act 98-0641 Ruling Means For You

On June 9, 2014, the Illinois Governor signed Senate Bill 1922 into law. Senate Bill 1922, which became Public Act 98-0641, made several changes to pension benefits beginning January 1, 2015. Namely, the Act called for reductions in future automatic annual increases in annuity (commonly referred to as the “COLA”) and required increased pension contributions from active employees in exchange for additional funding from the City of Chicago and other safeguards that would have put the LABF on a

 
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Court Finds Public Act 98-0641 Unconstitutional

On July 24, 2015, the Circuit Court of Cook County issued a ruling regarding Public Act 98-0641, the statute which provided for actuarially-based funding and modified pension benefits for participants and retirees of the LABF. The Act was declared unconstitutional and void in its entirety. The Court held the statute unconstitutional because it violated the Pension Benefits Clause in the Constitution of the State of Illinois. Click here to view the Court's opinion.

 
 
Results: 24 Articles found.
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