The Retirement Board
A board of trustees called “The Retirement Board” administers the Fund. It is presently composed of seven members. There are two ex-officio members, the City Treasurer and the City Comptroller (or their appointment). One person is appointed by the Civil Service Commission or the Department of Personnel. One person is appointed by the president of the local labor organization representing a majority of the employees participating in the Fund. Two members are elected by and from the group of current employees who are contributing to the Fund. One member is elected by and from the group of former employees receiving a retirement annuity from the Fund. State law requires the Retirement Board to hold a meeting each month.
Among many other duties, the Retirement Board is required by law to:
- approve benefits
- invest the monies of the Fund
- create rules for the proper administration of the Fund
- initiate a yearly audit by a certified public accountant
- engage an enrolled actuary to provide an annual actuarial statement
- submit a yearly report to the State of Illinois
| The Retirement Board | |
|---|---|
|
Carmen Iacullo Annuitant Member President |
Charles LoVerde III Appointed Union Member Secretary |
|
Stephanie Neely City Treasurer Treasurer/Ex-Officio Member |
Gene Saffold City Chief Financial Officer Appointed Member |
|
Steven J. Lux City Comptroller Ex-Officio Member |
Kenneth Cannata Elected Member |
|
Nicole Hayes Elected Member |
|
| Board Meeting Documents | ||||||
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