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Record #: R2015-538   
Type: Resolution Status: Failed to Pass
Intro date: 7/29/2015 Current Controlling Legislative Body: Committee on Finance
Final action:
Title: Tax levy requirement for Laborers' and Retirement Board Employees' Annuity and Benefit Fund of Chicago for Year 2016
Sponsors: Dept./Agency
Topic: FINANCE FUNDS - Laborers' and Retirement Board Employees' Annuity and Benefit Fund of Chicago
Attachments: 1. R2015-538.pdf
Related files: R2019-362
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Laborers' and Retirement Board Employees' Annuity and Benefit Fund of Chicago




July 20, 2015


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

Re: Funding Resolution

Dear Hon. Mendoza:

There is enclosed herewith, for transmittal to the City Council of Chicago, a copy of the Resolution adopted by the Retirement Board of this Fund relative to the tax requirements of the Fund for the year 2016.

Michael Walsh, CFA^""^ Executive Director & Chief Investment Officer

Enclosure

Aid. Edward M. Burke Ms. Alexandra Holt Mr. Daniel Widawsky






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


FUNDING RESOLUTION FOR THE YEAR 2016
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 2016 based on the Fund's actuarial valuation dated December 31, 2014 is $85,904,814 and states that this amount is needed to prevent the Fund from a further increase in its unfunded liability; and
WHEREAS, 40 LLCS 5/11-169 requires that the City provide funding in an amount equal to the 1.90 times the total amount of contributions made by the employees to the Fund in year 2014 for the year 2016; and based on the contributions made to the Fund in 2014 by the employees, the required funding amount pursuant to 40 LLCS 5/11-169 is $28,536,000; and
NOW THEREFORE BE IT RESOLVED, That pur...

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