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Active Member


Membership

LABF covers individuals who are employed by the City of Chicago in positions classified as “labor service,” certain Board of Education employees under the labor service classification and individuals employed by the Laborers’, Policemen’s and Firemen’s Annuity and Benefit Funds.

Because we are a defined benefit plan, the amount of the retirement benefit is based upon the member’s age, years of service, and final average salary.

State law requires you to contribute to LABF if you are in a position classified as “labor service” or employed by a retirement board. Employees immediately become members of the LABF when they are hired. Once you are a member of LABF, you always remain a member of LABF even if your job title changes. The only way your participation in LABF will change is if you resign your position and take a refund of all your contributions.   (back to top)


Office Number

LABF has removed your Social Security number from correspondence to help protect your identity. The replacement is a unique five digit Office Number. It is only used by LABF and will appear on all communications you receive from us. We encourage you to use this Office Number when contacting LABF.  (back to top)


Participant Statement

All active employees are sent an annual statement that details their existing balance in their individual retirement account.  (back to top)


Designated Beneficiary

Your designated beneficiary is anyone you choose. If you are married, state law establishes a surviving spouse’s annuity benefit for your eligible spouse immediately after your death regardless of whether a beneficiary form is on file. However, if you do not have an eligible spouse or your spouse does not receive an annuity long enough to “collect back” all your contributions, the person(s) you designated as your beneficiary(ies) would receive any remaining contributions.  (back to top)


Inactive Member

You are an inactive member if you still have contributions in the Fund but are no longer working for the City or Board of Education. Inactive members may be working for a reciprocal fund and, upon retirement, may combine LABF service with your current reciprocal employer.

Please keep your contact information with LABF current.  (back to top)


LABF Retirement Benefits and Social Security

Under the Windfall Elimination Provision, your Social Security retirement or disability benefit is figured using a modified formula when you are also entitled to a pension from a job where you did not pay Social Security tax. As a result, you will receive a lower Social Security benefit than if you were not entitled to a pension from LABF. This provision reduces, but does not totally eliminate your Social Security benefits. For additional information, please refer to the Social Security publication, “Windfall Elimination Provision.” You can also visit Social Security Administration’s website.  (back to top)