Members of the Board
Representing the Public
Amer Ahmad Juan C. Avila
Stephanie D. Neely, Vice-President Lois A. Scott
Representing the Active Police and Disability Beneficiaries James P. Maloney, Recording Secretary-Michael K. Lappe Brian E. Wright
Representing the Annuitants Kenneth A. Hauser, President
The Retirement Board
of the
Regina Tuczak, CPA
Acting Executive Director and Comptroller
Pacifico Panaligan
Assistant Comptroller
Peter Orris, M.D.
Physician
David R. Kugler
Attorney for the Board
Samuel Kunz
Chief Investment Officer
Address Communications to the Retirement Board
August 14, 2013
Ms. Susana A. Mendoza City Clerk, of Chicago City Hall (Room 107) 121 N. LaSalle Street Chicago, IL 60602
Dear Ms. Mendoza:
In accordance with Chapter 40, Act 5, Article 5, Section 168-Financing, the Policemen's Annuity and Benefit Fund of Chicago is hereby requesting $188,431,000 for the 2014 tax levy. In addition to the financing requirements of the Illinois Statutes, attached is a copy of the 2013 Funding Resolution adopted by the Retirement Board of the Policemen's Annuity and Benefit Fund of the City of Chicago at their meeting held July 26, 2013.
Regina Tuczak Executive Director and Comptroller
Encl.
Sincerely,
SG -.21 Hd OZ9MEI0Z
2013 FUNDING RESOLUTION OF THE
POLICEMEN'S ANNUITY AND BENEFIT FUND OF CHICAGO
WHEREAS, the Illinois Pension Code 40 ILCS 5/5-101 et. sq. (the "Code") and the pertinent sections found therein relating to the Policemen's Annuity and Benefit Fund of Chicago provide that an estimate of the amount of required contributions in each year to meet the statutory purposes of said Fund shall be certified to the City Council by the Retirement Board of said Fund: Now, therefore,
BE IT RESOLVED, That pursuant to the applicable provisions of the Code, as amended
provides in part:
Sec. 5-177. Other city contributions - Estimates. The board shall estimate the amounts required each year to be contributed by tlie city to pay all annuities and benefits hereunder and administrative expenses. All amounts shall be paid annually by the city into the fund from the taxes levied and collected for the Fund.
The Retirement Board of the aforesaid Fund hereby estimates that the sum which will be required to be contributed by the City for all annuities, benefits and administrative expenses of this Fund for the year 2014, on an actuarial basis, in accordance with the provisions of the aforesaid Act, for the purpose of providing revenue for this Annuity and Benefit Fund is $513,698,000.
Resolved, the Fund requests payment of $513,698,000 to adequately credit the reserves established under the Code. The Fund nevertheless is aware of the limitation imposed upon it by Section 5/168 that provides for a tax levy based on 2.00 multiplier produces a sum of $188,431,000;
AND BE IT FURTHER RESOLVED, that the Recording Secretary of the Retirement Board be instructed to submit a copy of this resolution to the said City Council.
«
I, James P. Maloney, Recording Secretary of the Retirement Board of" the Policemen's Annuity and Benefit Fund of Chicago, hereby certifies that the foregoing resolution is a true and correct copy of a resolution adopted by the Retirement Board of the said Fund at a meeting held on July 26, 2013, at which a quorum of the said Board were present and voting.
Recording Secretary
THE RETIREMENT BOARD POLICEMEN'S ANNUITY AND BENEFIT FUND OF CHICAGO