Welcome to MEABF.org
We take care of the people who take care of Chicago.
MEABF is a defined benefit, single employer benefit plan that was established in 1921 by an act of the Illinois General Assembly to provide disability and retirement benefits to qualified employees of the City of Chicago and the Chicago Board of Education. Our sole purpose is to pay earned benefits to our members, which is funded by a combination of member contributions, taxes levied by the City of Chicago, and investment earnings from Plan reserves. MEABF is a component unit of the City of Chicago, and as such, is included in the City of Chicago's financial statements as a pension trust fund.
The Fund's actuarial acounting firm, Segal and Company presented the 2015 Actuarial Report to the Retirement Board on Thursday, May 19 at the regularly scheduled meeting of the Board. Their presentation has been added to our website. You can access the report here.
Please note that the next, regularly scheduled meeting of the Retirement Board will occur on Tuesday, June 28 at 9:00 a.m.
The 2015 Actuarial Report is now available on the Fund's website for review. You can access the the report by clicking here.
The Municipal Employees’ Annuity and Benefit Fund of Chicago (“Fund”) has informed the City of Chicago, the State of Illinois, and the bargaining units that represent the majority of the employees covered by the Fund that the Fund faces the risk of insolvency unless it receives proper funding. Public Act 98-0641, which in part included a schedule to move the Fund to actuarially based funding, was ruled unconstitutional by the Circuit Court of Cook County because certain provisions of Public Act 98-0641 were held to improperly diminish or impair existing pension benefits. As a result of the court’s ruling, the Fund returns to a funding formula based on a multiplier of employee contributions, which is insufficient to adequately fund the Fund. The Circuit Court’s ruling currently is on appeal to the Illinois Supreme Court but the Fund has no idea when a decision will be released or what the decision will be.
Click here to read the letter recently sent to the elected officials of the City of Chicago, State of Illinois, and the bargaining units. As you will note, the letter also includes a report showing the current funding situation of the Fund as well as the Laborers’ Fund, including comparisons to other pension funds within the State of Illinois.
Our mission is to provide benefits for our members, and our goals are to provide excellent service and preserve the fiscal integrity and financial stability of the Fund.