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This record contains private information, which has been redacted from public viewing.
Record #: R2014-517   
Type: Resolution Status: Failed to Pass
Intro date: 7/30/2014 Current Controlling Legislative Body: Committee on Finance
Final action: 5/20/2015
Title: Tax levy requirement for Laborers' and Retirement Board Employees' Annuity and Benefit Fund of Chicago for Year 2015, as revised
Sponsors: Dept./Agency
Topic: FINANCE FUNDS - Municipal Employee Annuity & Benefit Funds
Attachments: 1. R2014-517.pdf
Related files: R2015-407
i
Laborers' and Retirement Board Employees' Annuity and Benefit Fund of Chicago





June 26, 2014


Hon. Susana A. Mendoza City Clerk City Hall Room 107 121 N LaSalle St Chicago IL 60602

Re: Revised Funding Resolution

Dear Hon. Mendoza:

There is enclosed herewith, for transmittal to the City Council of Chicago, a revised copy of the Resolution adopted by the Retirement Board of this Fund relative to the tax requirements of the Fund for the year 2015. The change in the resolution is due to the recent enactment of Public Act 98-0641.


Sincerely,


Aileen M. Pecora Interim Director
Aid. Edward M. Burke Ms. Alexandra Holt Mr. Daniel Widawsky

Enclosure
cc:








Suite 1300 • 321 North Clark Street • Chicago, Illinois 60654-4739 (312)236-2065 • Fax (312) 236-0574

LABORERS' AND RETIREMENT BOARD EMPLOYEES' ANNUITY AND BENEFIT FUND OF CHICAGO

REVISED

FUNDING RESOLUTION FOR THE YEAR 2015

WHEREAS, in accordance with the Illinois Pension Code, specifically 40 ILCS 5/11-169, the Retirement Board (the "Board") of the Laborers' and Retirement Board Employees' Annuity and Benefit Fund of Chicago (the "Fund") is required to estimate the amounts required each year to be contributed by the City of Chicago (the "City") for all annuities, benefits, and administrative expenses authorized to be paid by the City under Article 11; and

WHEREAS, pursuant to that statutory direction, the Board estimates that the total amount of funding required under the provisions of 40 ILCS 5/11-169 for the year 2015 based on the Fund's actuarial valuation dated December 31, 2013 is $ 112,262,917 and states that this amount is needed to prevent the Fund from a further increase in its unfunded liability; and

WHEREAS, 40 ILCS 5/11-169 requires that the City provide funding in an amount equal to the 1.60 times the total amount of contributions made by the employees to the Fund in year 2013 for the year 2015; and based on the contributions made to the Fund in 2013 by the employees, the required fun...

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