Share to Facebook Share to Twitter Bookmark and Share
Record #: R2015-842   
Type: Resolution Status: Failed to Pass
Intro date: 10/28/2015 Current Controlling Legislative Body: Committee on Finance
Final action:
Title: Laborers' and Retirement Board Employees' Annuity and Benefit Fund of Chicago - Revised Funding Resolution for Year 2016
Sponsors: Dept./Agency
Topic: FINANCE FUNDS - Laborers' and Retirement Board Employees' Annuity and Benefit Fund of Chicago
Attachments: 1. R2015-842.pdf
Related files: R2019-362
LABORERS' AND RETIREMENT BOARD EMPLOYEES' ANNUITY AND BENEFIT FUND OF CHICAGO



REVISED 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 an actuarial valuation of the Fund as of December 31, 2014 and based on the provisions of the statute prior to P. A. 98-0641 is $118,717,000 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 1.00 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 RXS 5/11-169 is $15,019,000; and

NOW THEREFORE BE IT RESOLVED, That pursuant to the provisions of an Act ofthe General Assembly of Illinois, approved March 18, 1963, in force July 1, 1963, entitled "The Illinois Pension Code," as amended, the Retirement Board of the Laborers' and Retirement Board Employees' Annuity and Benefit Fund of Chicago hereby certifies that the sum which will be required to be contributed by the City for the purposes of this Fund for the year 2016, in accordance with the provision of providing revenue for the Annuity and Benefit Fund is $15,019,000, which is 1.00 times the amounts contributed by the employees for the year 2014.
AND BE IT FURTHER ...

Click here for full text