The Retirement Board

A board of trustees called “The Retirement Board” administers the Fund. State law requires the Retirement Board to hold a meeting each month. It is presently composed of eight members.

  • Two ex-officio members, the City Treasurer and the City Comptroller (or their appointment).
  • Two members are appointed by the Civil Service Commission or the Department of Personnel.
  • One member is appointed by the president of the local labor organization representing a majority of the employees participating in the Fund.
  • Two members are elected by and from the group of current employees who are contributing to the Fund.
  • One member is elected by and from the group of former employees receiving a retirement annuity from the Fund.

The Fund's Board of Trustees administers benefits, manages the Fund's assets, and employs 20 full time staff members.  All members of the Board of Trustees are fiduciaries with respect to the Fund and are statutorily mandated to discharge their duties as such solely in the interest of the Fund's participants and beneficiaries. The Fund's Executive Director oversees all administrative functions and supervises the office staff.

Among many other duties, the Retirement Board is required by law to:

  • Approve benefits for payment
  • Invest the monies of the Fund
  • Create rules for the proper administration of the Fund
  • Initiate a yearly audit by a certified public accountant
  • Engage an enrolled actuary to provide an annual actuarial statement
  • Submit a yearly report to the State of Illinois

To contact a member of the Retirement Board or the Fund Staff please refer to the LABF Directory

 

THE RETIREMENT BOARD

Stephanie Neely 
City Treasurer
President/Ex-Officio Member

Victor Roa
Appointed Union Member
Vice President

Michael LoVerde
Elected Active Member
Secretary

Lois Scott
City Chief Financial Officer
Appointed Member

Erin Keane
First Deputy Comptroller
Appointed Member

Carol Hamburger
Deputy Budget Director
Appointed Member

Joseph Rinella
Elected Active Member

John Arvetis
Appointed Retired Member

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