Firemen's Annuity & Benfit Fund

What Firemen's Annuity & Benfit Fund does

The Firemen's Annuity and Benefit Fund of Chicago (FABF) is a statutory public defined-benefit pension fund established in 1887 and governed exclusively by Chapter 40, Act 5, Article 6 of the Illinois Compiled Statutes. It provides retirement, disability, death, and survivor benefits to sworn personnel of the Chicago Fire Department employed under the Municipal Personnel Ordinance, along with their dependents. The Fund is administered by an eight-member Retirement Board — four ex-officio city officeholders (City Treasurer, City Clerk, City Comptroller, Deputy Fire Commissioner) and four elected participant trustees (three active firefighters and one annuitant). Operations are run by a lean senior staff (Executive Director, Deputy Executive Director, Comptroller, IT Manager) out of a single office at 20 South Clark Street, Suite 300, Chicago.

FABF is funded by three statutory revenue streams: required employer contributions from the City of Chicago (the 2025 actuarial statutory contribution was $444,615,101), mandatory employee contributions of 9 1/8% of pensionable salary (bi-monthly payroll deduction split across Retirement Annuity, Spousal Annuity, COLA, and Ordinary Disability; $49.8M received in 2025), and approximately $3.98–4.31M annually in allocated casino tax revenues. A diversified investment portfolio across global private equity, real estate, international and domestic equity, fixed income, infrastructure, and private credit is managed by external institutional managers (Adams Street Partners, Apollo Global, JP Morgan, RhumbLine Advisors, Brightwood Capital Advisors) with Callan Associates providing investment consulting. Benefit outflows were $447.5M in 2025 (unaudited).

The Fund's product surface centers on retirement benefit administration supported by a newly launched (June 2026) ID.me-authenticated secure member portal, a Tier I/II online Retirement Estimator, Northern Trust-issued monthly annuity payments with 1099R and earnings-history access, and an EMWQ (Ende, Menzer, Walsh & Quinn) sub-brand providing supplemental financial assistance to widows and children of fallen firefighters. Go-to-market is event-driven rather than commercial: the Fund communicates through pre-retirement seminars at Guaranteed Rate Field (semi-annual, capped at 120 participants), Local 2 retiree luncheons, monthly public board meetings, semi-annual Report to Participants newsletters, and direct email/portal outreach. A Pension Administration System RFP issued in 2026 signals an upcoming platform replacement, and Northern Trust is the master custodian and benefit-payment partner. Because participation is mandatory and the Fund operates as a government trust, no commercial pricing model exists; contribution rates are fixed by statute and employer rates are actuarially determined.

Name

Firemen's Annuity & Benfit Fund

Legal name

Firemen's Annuity and Benefit Fund of Chicago

Website

https://fabf.org

Company type

Private

Founded year

1887

Operating status

Operating

Headcount range

11–50 employees

Short description

The Firemen's Annuity and Benefit Fund of Chicago is a statutory public defined-benefit pension fund established in 1887 that provides retirement, disability, death, and survivor benefits to Chicago Fire Department sworn personnel under Illinois Pension Code Article 6, funded by City of Chicago and member contributions.

Ownership category

akta.pro rank

Product category

Public Pension Fund Administration

NAICS

Pension Funds (525110), Pension Funds (52511)

SIC

Life Insurance (6311), Investment Advice (6282)

akta.pro industry

PRIMARYFSAAAGAK

Taft-Hartley / Labor Union & Public Sector Retirement Systems

Financial & Insurance/Asset & Wealth Management/Asset Management — Institutional (Pensions, Endowments, Sovereign)

SECONDARYBPAIAKAA

Pensions & Retirement Benefits Administration

Business & Public Services/Public Sector & Government Administration/Social Security, Benefits & Welfare Administration

Keywords

• Public pension fund
• Defined benefit retirement
• Disability benefits administration
• Firefighter pension
• Survivor benefits fund

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Others, Marketing or Sales

Revenue model

1. Employer Contributions: Statutory required employer contributions from the City of Chicago, including actuarially calculated required contribution, OPEB subsidy, Exempt Rank Contribution, and Death Benefit Contribution
2. Employee Contributions: Active members contribute 9 1/8% of pensionable salary through bi-monthly payroll deduction split across Retirement Annuity (7 1/8%), Spousal (Widow) Annuity (1 1/2%), COLA (3/8 of 1%), and Ordinary Disability (1/8 of 1%)
3. Investment Returns: Returns from diversified portfolio including global private equity, real estate, international and domestic equity, fixed income, infrastructure, and private credit managed by external investment managers
4. Casino Tax Revenues: Approximately $3.98-4.31 million annually from casino taxes allocated to the Fund

Go-to-market motion1 record

Distribution channels4 records

Marketing channels7 records

Core offering

The Firemen's Annuity and Benefit Fund of Chicago (FABF), established in 1887, administers a statutorily mandated defined benefit pension plan for Chicago Fire Department employees. It provides retirement annuities, ordinary and occupational disability benefits, death benefits, and survivor annuities to active firefighters, annuitants, widows, and children. The Fund is governed by Chapter 40, Act 5, Article 6 of the Illinois Compiled Statutes and is funded through employee payroll deductions, employer contributions from the City of Chicago, casino tax revenues, and investment returns on a diversified multi-asset portfolio.

Product overview

Firemen's Annuity and Benefit Fund of Chicago operates as a defined benefit pension plan providing retirement, disability, death, and survivor benefits for Chicago fire service employees. The Fund offers a secure member portal with ID.me authentication, retirement estimation tools, investment management through multiple asset classes, and benefit payment services via Northern Trust. The Fund is governed by Illinois Pension Code Article 6 and is administered by an 8-member Retirement Board. The EMWQ subsidiary program provides additional financial assistance to widows and children of fallen firefighters.

Differentiator

Problem solved

Functional benefit

Products and services

• Retirement Benefits Administration Provides retirement, disability, death, and survivor benefits for Chicago Fire Department sworn personnel and their dependents, governed by Chapter 40, Act 5, Article 6 of the Illinois Compiled Statutes.
• Northern Trust Benefit Payment Services Monthly annuity benefit disbursement service issued by Northern Trust beginning in 2026, providing 1099R access, monthly statements, and earnings history review for retired members.
• EMWQ Widows' and Children's Assistance Fund Financial assistance program providing support to qualifying children of firefighters who died in active service and neediest widows of Chicago Fire Department members, administered through widowsandchildren.org.
• Investment Management Services Manages fund assets through external institutional investment managers across private equity, real estate, fixed income, infrastructure, private credit, and domestic and international equity strategies, with quarterly and annual performance reporting.

Quantifiable outcome

• 314 minimum annuity widows received $1,100 holiday assistance in 2024 totaling $431,200 from EMWQ Fund
• +2 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature3 records

Partnerships

16 partnerships are on record, tiered core and minor.

• Adams Street PartnerscoreOthersGlobal Private Equity investment manager located at One North Wacker Drive, Suite 2200, Chicago. One of multiple investment managers managing FABF's diversified portfolio.
• Apollo Global Real Estate Management, LPcoreOthersGlobal Real Estate investment manager at 9 West 57th Street, New York, NY 10019. Manages real estate allocation within FABF investment portfolio.
• JP Morgan Asset ManagementcoreOthersManages Private Equity and Fixed Income allocations for FABF at 277 Park Ave, Floor 02, New York, NY 10172.
• Northern Trust CompanycoreTechnology or IntegrationMaster Custodian and Benefit Payment Services provider at 50 S. LaSalle Street, Chicago. Handles pension disbursements, 1099R distribution, and monthly statement access.
• Burke Burns & Pinelli, Ltd.coreImplementation/ SI/ Consulting PartnerFiduciary and Legal Counsel at Three First National Plaza, 70 West Madison Street, Suite 4300, Chicago, IL 60602. Also listed as Minority, Female and Disabled Owned Business vendor.
• SegalcoreImplementation/ SI/ Consulting PartnerActuarial Services provider at 101 North Wacker Drive, Suite 500, Chicago, IL 60606.
• Callan AssociatescoreImplementation/ SI/ Consulting PartnerInvestment Consulting at 101 California St., Suite 9411, San Francisco, CA. Provides investment portfolio updates and performance monitoring.
• Blue Cross/Blue Shield (via Doyle Rowe, LTD)coreOthersStaff Insurance provider at 1020 W. 31st St., Downers Grove, IL 60515. One of two group health insurance plans offered to retirees.
• Aetna (via RetireeFirst)coreOthersLocal 2 sponsored group health insurance plan; contact via RetireeFirst at 1-312-248-6508. One of two healthcare options for Fund retirees.
• JPMorgan Chase Government BankingminorOthersFinancial Services - Banking at 10 S Dearborn, Floor 36. Provides banking services for Fund operations.
• Legacy Professionals LLPminorImplementation/ SI/ Consulting PartnerExternal Election Administrator; Ms. Danielle Tyler, CPA, Partner at 4 Westbrook Corporate Center, Suite 700, Westchester, IL 60154.
• Fulcrum Government StrategiesminorOthersLegislative Liaison at 524 South 2nd Street, Springfield, IL 62701. Handles state legislative matters.
• Alliant Insurance ServicesminorOthersFinancial Services - Insurance at 353 North Clark Street, Chicago, IL 60654.
• ID.mecoreTechnology or IntegrationIdentity authentication provider for secure member portal access, used by SSA, IRS, and VA. Simplifies identity verification for first responders with potential discount access.
• RhumbLine AdvisorsminorOthersMinority, Female and Disabled Investment Manager for Domestic Equity Large Cap Core at 265 Franklin St., 21st Floor, Boston, MA 02110.
• Brightwood Capital AdvisorsminorOthersAfrican American-owned Minority, Female and Disabled Investment Manager for Private Credit at 810 Seventh Avenue, 26th Floor.

Scale indicators7 records

Expansion highlights4 records

Broad incumbents

• CalPERS (California Public Employees' Retirement System): Largest U.S. public pension; while much broader in scope, it operates a comparable defined-benefit administration model with diversified institutional investment portfolio and member self-service technology.

Regional players

• Illinois Teachers' Retirement System (TRS): Illinois statewide public pension for public-school teachers outside Chicago; operates with similar defined-benefit mandate, employer/employee contributions, and investment portfolio diversification.
• Illinois State Universities Retirement System (SURS): Illinois state-level public retirement system administering defined benefits for higher education employees; comparable benefit calculation, actuarial services, and statutory governance framework.
• Texas Municipal Retirement System (TMRS): Multi-employer public pension for Texas municipal employees including fire service personnel; serves as a comparable model for centralized pension administration across many municipal employers.
• Cook County Pension Fund (CCPF): Regional public pension serving Cook County employees with similar defined-benefit structure, Illinois governance, and member services model; serves the same metropolitan area as FABF.
• Los Angeles City Employees' Retirement System (LACERS): Large municipal pension for Los Angeles city employees including fire and police; comparable investment management approach, member portal, and partnership with major custody/payroll providers.

Direct peers

• Public Safety Personnel Retirement System (PSPRS) Arizona: Public safety-focused defined-benefit retirement system serving Arizona police, fire, and corrections personnel; mirrors FABF in covering fire service members with occupational-disease presumptions and disability benefits.
• Municipal Employees' Annuity and Benefit Fund of Chicago (MEABF): Direct peer as the sister Chicago municipal pension fund for non-fire employees; both administer defined benefits under the same Illinois Pension Code framework and share City of Chicago as statutory sponsor.
• Illinois Municipal Retirement Fund (IMRF): Statewide Illinois public pension fund for municipal workers outside Chicago; comparable defined-benefit administration, payroll deduction, and retirement estimator infrastructure.
• Chicago Teachers' Pension Fund (CTPF): Municipal-level Chicago public pension providing defined benefit retirement, disability, and survivor benefits for Chicago Public Schools personnel under similar Illinois statutory governance.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/chicago-firemen-s-annuity-and-benefit-fund

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Firemen's Annuity & Benfit Fund