News - About 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.

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