News - About LABF

Oct 13, 2017 03:05 PM

2017 Trustee Election Winner

Trustee Election 2017 In accordance with State law, an election was held to select the Retirement Board Trustee representing the LABF’s annuitants for a three-year term that begins December 2, 2017. The candidates in the LABF 2017 Trustee Election were: JAMES CAPASSO (retired December 2012) DANIEL SHEEHAN (retired August 2014)

2017 Trustee Election

In accordance with State law, an election is scheduled to be held to select the Retirement Board Trustee representing the LABF’s annuitants for a three-year term that begins December 2, 2017. Portions of the rules governing the election are summarized below. For a complete list of election rules, visit our website at LABFChicago.org/2017-trustee-election/

Jul 28, 2017 12:00 PM

Public Act 100-0023

Public Act 100-0023 On July 6, 2017, Senate Bill 42 was enacted into law, becoming Public Act 100-0023. The new law provides additional funding to LABF and creates a new tier of pension benefits. More detailed information regarding the new law and how it impacts LABF’s members will soon be made available on our website.

Apr 28, 2017 02:59 PM

Senate Bill 14 Passes Both Houses

On April 27, 2017, Senate Bill 14 was called to a vote in the Illinois House and passed on a roll call vote of 63-45-2. This bill, very similar to Senate Bill 2437 which was vetoed by Governor Rauner on March 24, 2017, has now passed in both Houses. Mr. Rauner has 60 days from the date it is delivered to him to either sign or veto the bill. The LABF will continue to update you as things progress.

IRS Tax Distribution Form 1099-R

The Form 1099-R’s are mailed by the end of January. In some cases, you may receive more than one since a Form 1099-R will be sent for each distribution type. For example: You will receive two Form 1099-R’s for the year in which you attain age 59 ½. There are different distribution codes for the payments issued before age 59 ½ and the payments issued after you attain age 59 ½. You may need to include the Form 1099-R with your federal income tax filing. Please see the Sample Form 1099-R below

Dec 01, 2016 09:06 AM

Pension Legislation Introduced to Address LABF’s Looming Insolvency

House Amendment 3 to Senate Bill 2437 was filed on November 14, 2016 by Representative Barbara Flynn Currie in an effort to address concerns regarding the long-term solvency of the Laborers’ and Retirement Board Employees’ Annuity and Benefit Fund of Chicago. Currently, the Illinois House of Representatives is considering House Amendment 6 to Senate Bill 2437. Click here to follow the legislative activity and view a brief synopsis the Bill.

Aug 11, 2016 03:49 PM

2016 Trustee Election

NOTICE is hereby given that, under the terms of the Illinois Pension Code, the Board of Trustees of the Laborers’ and Retirement Board Employees’ Annuity and Benefit Fund of Chicago (“Board”) is empowered and instructed to call for and hold an election for one active employee member to serve as trustee on the Board for a term beginning December 2, 2016 and ending December 1, 2019. Any employee participant who holds or will have held a position by virtue of certification and appointment as a

IMPORTANT! Suspension of Annuity Payments

The 2016 Annual Signature Verification Forms were mailed April 15th. The deadline to return the completed forms was May 13, 2016. Please be advised, if you currently receive a monthly annuity payment and have not submitted your completed notarized form to the Fund, your payments will be suspended effective July 1, 2016. Your payments will resume when your completed notarized form has been received and validated.

2015 Trustee Election Results

An election for active employee trustee was held at the Fund’s offices on Thursday, October 15th. Trustees Roa and Hamburger, comprising the Election Committee, declared James “Jim” Joiner (Department of Water Management) the winner. Mr. Joiner’s 3-year term will begin December 1, 2015. The vote totals were as follows: James M. Joiner – 168 votes Frank Earullo – 64 votes Joseph Rinella – 19 votes David Torres – 18 votes Shawn McCormick-Mahon – 8 votes Michael E. Sullivan – 6 votes

2016 Retiree Healthcare Open Enrollment

The City of Chicago is offering open enrollment for retirees to change their healthcare plan effective January 1, 2016. Please review your packet in addition to the website www.chicagoretireebenefits.org for researching your healthcare options. The deadline for enrolling in a different health care plan has been extended to October 20th.