Employee Contribution Refund
Only people who are no longer employed by the City or the CPS are eligible for a refund of their contributions.
If you take a refund of your contributions, you are no longer eligible to receive any benefits under this plan, including retiree medical coverage.
Only contributions you made to the fund are refundable to you. Contributions made on your behalf while you were on disability are not refundable to you.
Refund Eligibility Tier 1 - You are entitled to receive a refund if you withdraw from service and are under the age of 55 (with any length of service) or withdraw between the ages of 55 and 60 with less than 10 years of service.
Refund Eligibility Tier 2 - A member may take a refund if he or she withdraws from service before the age of 62 (with any length of service) or withdraws with less than 10 years of service regardless of age.
Other Types of Refunds
No Spouse Refund: If you do not have a legal eligible spouse on the date you resign, the contributions you made on behalf of a spouse will be refunded to you at the time of your first annuity payment.
Refund in Lieu of Retirement Annuity: An employee who withdraws from active service whose annuity would amount to less than $800.00 a month for life may elect to receive a refund of the total sum accumulated to his or her credit from employee contributions for annuity purposes.
Refund Reduction - Municipal Employees' Credit Union
If you have any outstanding balances with the Municipal Employees’ Credit Union, you will need to reconcile this debt or LABF will automatically direct payment from your refund to the Credit Union.
Refund Payment Options
You may choose to receive all or part of your refund's taxable contributions. If a partial refund is elected, the amount to be rolled over cannot be less than the minimum of $500.00. You will be responsible for all Federal Withholding Tax, according to the IRS tables.
Please review the Rollover Tax Notice for information.
To Apply For A Refund Contact LABF at (312) 236-2065 to determine your eligibility.