Members of the Board Representing the .Public ¦•. Juan C. Avilcr' Carole L. Brown Carol L. Hamburger Kurt A. Summers, Jr.
Representing the Active Police and Disability Beneficiaries Michael K. Lappe
James P. Maloney, Recording Secretary Brian E. Wright, Vice-President
Representing the Annuitants Kenneth A. Hauser, President
The Retirement Board
of" ific
Policemen's Annuity and Benefit Fund City of Chicago
22.1 North LaSaUc Street-Room 1626 Chicago, Illinois 60601 (312) 744-3891 Outside Chicago: 1-800-656-6606 wnvw.chipabf.org
Regina Tuczak, CPA
Executive Director
James A. Dollard, CPA
Comptroller
Pacifico Panaligan, CPA
Assistant Comptroller
Peter Orris, M.D.
Physician
David R. Kugler
Attorney for the Board
Aoifinn Devitt
Chief Investment Officer
Address Communications to the Retirement Board
September 30, 2016
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 (the Fund) is hereby requesting $500,000,000 for the 2017 tax levy. In addition to the financing requirements of the Illinois Statutes, attached is a copy of the 2016 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 28, 2016.
Also enclosed is a copy of the Amended 2015 Funding Resolution approved by the Board at the July 28, 2016, meeting. Such Amended Resolution reflects the provisions of Public Act 099-0506.
Sincerely,
Executive Director
Encl.
2015 REQUIRED FUNDING RESOLUTION FOR THE YEAR 2016
AS AMENDED TO COMPLY WITH PUBLIC ACT 099-0506
WHEREAS, pursuant to 40 ILCS, Act 5, Section 5-168, and all other applicable provisions, of the Illinois Pension Code, the Retirement Board of the Policemen's Annuity and Benefit Fund of Chicago (the "Board") is required to estimate the amounts required each year to be contributed by the City of Chicago ("City") for all annuities, benefits and administrative expenses authorized to be paid by the City under Article 5; and
WHEREAS, pursuant to that statutory direction, and the further requirements of 40 ILCS, Act 5, Article 5-168, and all other applicable provisions, as now amended by PA 099-0506 effective May 30,
the Board has prepared its estimate of the total amount of funding required under 40 ILCS, Act 5, Article 5 for the year 2016.
WHEREAS, the estimated amount required, prepared in accordance with the language of 40 ILCS, Act 5, Article 5-et sq, is $464,000,000. This amount reflects the requirements of ILCS, Act 5, Article 5-168, which states, "the city council shall levy a tax annually at a rate on the dollar of the assessed valuation of all taxable property that will produce when extended an annual amount that is equal to no less than the amount of the city's contribution in each of the following payment years:... for 2017, $464,000,000."
NOW THEREFORE BE IT RESOLVED: that pursuant to the provisions of an Act of the General Assembly of Illinois effective January 1, 1922, entitled "An Act to Provide for the Creation, Setting Apart, Maintenance and Administration of a Policemen's Annuity and Benefit Fund in Cities Having a Population Exceeding Five Hundred Thousand Inhabitants," as amended and codified, the Retirement Board of the Policemen's Annuity and Benefit Fund of the City of Chicago hereby certifies to the City Council of the City of Chicago that the sum which will be required to be contributed by the City for purposes of the Policemen's Annuity and Benefit Fund of Chicago for the year 2016, payment due in
in accordance with the provisions of Section 5-168 of the aforesaid Article 5 of the Illinois Pension Code for the purpose of providing revenue for this Annuity & Benefit Fund is $464,000,000; and
BE IT FURTHER RESOLVED: that the Secretary of the Policemen's Annuity and Benefit Fund of Chicago should be instructed to submit a copy of this amended resolution to the said City Council.
POLICEMEN'S ANNUITY & BENEFIT FUND OF CHICAGO
2016 REQUIRED FUNDING RESOLUTION FOR THE YEAR 2017
WHEREAS, pursuant to 40 ILCS, Act 5, Section 5-168, and all other applicable provisions, of the Illinois Pension Code, the Retirement Board of the Policemen's Annuity and Benefit Fund of Chicago (the "Board") is required to estimate the amounts required each year to be contributed by the City of Chicago ("City") for all annuities, benefits and administrative expenses authorized to be paid by the City under Article 5; and
WHEREAS, pursuant to that statutory direction, and the further requirements of 40 ILCS, Act 5, Article 5-168, and all other applicable provisions, as amended by Public Act 099-0506 eff. May 30, 2016, the Board has prepared its estimate of the total amount of funding required under 40 ILCS, Act 5, Article 5 for the year 2017.
WHEREAS, the estimated amount required, prepared in accordance with the language of 40 ILCS, Act 5, Article 5-et sq, is $500,000,000. This amount reflects the requirements of ILCS, Act 5, Article 5-168, which states, "the city council shall levy a tax annually at a rate on the dollar of the assessed valuation of all taxable property that will produce when extended an annual amount that is equal to no less than the amount of the city' s contribution in each of the following payment years:... for 2018, $500,000,000."
NOW THEREFORE BE IT RESOLVED: that pursuant to the provisions of an Act of the General Assembly of Illinois effective January 1, 1922, entitled "An Act to Provide for the Creation, Setting Apart, Maintenance and Administration of a Policemen's Annuity and Benefit Fund in Cities Having a Population Exceeding Five Hundred Thousand Inhabitants," as amended and codified, the Retirement Board of the Policemen's Annuity and Benefit Fund of the City of Chicago hereby certifies to the City Council of the City of Chicago that the sum which will be required to be contributed by the City for purposes of the Policemen's Annuity and Benefit Fund of Chicago for the year 2017, payment due in 2018, in accordance with the provisions of Section 5-168 of the aforesaid Article 5 of the Illinois Pension Code for the purpose of providing revenue for this Annuity & Benefit Fund is $500,000,000; and
BE IT FURTHER RESOLVED: that the Secretary of the Policemen's Annuity and Benefit Fund of Chicago should be instructed to submit a copy of this resolution to the said City Council.
POLICEMEN'S ANNUITY & BENEFIT FUND OF CHICAGO