Policemen’s Annuity and Benefit Fund of Chicago
Policemen’s Annuity and Benefit Fund of Chicago is a statutory, single-employer defined benefit pension plan that provides retirement, survivor, and disability benefits to sworn Chicago Police Department members and their dependents under Article 5 of the Illinois Pension Code.
- Company typePrivate
- Founded1887
- HeadquartersChicago, United States
- Headcount11–50
- GTM typeB2C
- OfferingServices
What Policemen’s Annuity and Benefit Fund of Chicago does
Policemen’s Annuity and Benefit Fund of Chicago (PABF) is a single-employer, defined benefit pension plan established in 1887 through an act of the Illinois legislature and re-codified in 1922 under Article 5 of the Illinois Pension Code. PABF provides retirement, survivor, and disability benefits exclusively to sworn members of the Chicago Police Department, their spouses, and children. The Fund operates two statutory tiers — Tier 1 for members hired before January 1, 2011 (50% of final average salary at 20 years of service, plus 2.5% per additional year, capped at 75%) and Tier 2 for those hired on or after that date (2.5% per year of service, subject to age-reduction factors, capped at 75%) — along with duty, occupational, and ordinary disability benefits, survivor annuities, children’s annuities, and QILDRO processing for divorce-related benefit splits. PABF is a qualified 401(a) plan under the Internal Revenue Code and is administered by an 8-member Retirement Board of Trustees (four elected by members, four appointed by the Mayor of Chicago). The Fund is funded through three statutory sources: mandatory 9% member contributions, an actuarially determined City of Chicago contribution sized to reach 90% funded status by FY2055, and investment returns.
PABF operates from a single administrative office at 221 N. LaSalle Street, Suite 1626, Chicago, with 11–50 employees. Member interactions occur through in-person visits, the public website (chipabf.org), an online retirement calculator (calculator.chipabf.org), and structured department email channels (retirement@, benefits@, disability@, payments@, applications@). The Fund uses CPD's CLEAR personnel system for retirement submissions and produces annual reports, actuarial valuations, and GASB 67/68 disclosures. Service is delivered on a direct-to-member basis with no traditional sales or marketing motion; engagement occurs through Open Meetings Act–compliant public Board meetings, an email notification subscription, and a Facebook page.
The Fund's investment program is its largest operational function. PABF contracts with more than 40 external investment managers spanning public equities (Great Lakes Advisors, Xponance, Ariel, William Blair, Columbia Threadneedle, Artisan, UBS, Acadian, Lazard), fixed income (EARNEST, Garcia Hamilton, National Investment Services, Wellington, Hudson Edge, Manulife), private equity (Capital Dynamics, Levine Leichtman, Muller & Monroe, Adams Street, Mesirow, HarborVest, Glendower, Invesco), private real estate (Brookfield, Soundmark, TA Realty, TerraCap, LoneStar), private credit (Brightwood, Clareant, Monroe, Crestline, JPMorgan, BeachPoint, Blueprint, Dorchester, Eagle Point, Voya), infrastructure (Global Infrastructure Partners, Ullico), and hedge funds (EnTrust Global). Professional advisors include NEPC (investment consultant, subject to three-year RFP cycle per statute), Gabriel Roeder Smith & Company (actuary), Mitchel Titus (independent auditor under 40 ILCS 5/5-188), JPMorgan Chase and Northern Trust (banking), Burke Burns and RDL Labor Law PC (legal), Alliant (risk management), Blaida Associates (legislative liaison), and The Lemonade Stand (website development). The entity is not a commercial enterprise and therefore has no revenue model, customer acquisition function, or product roadmap in the conventional sense.
Policemen’s Annuity and Benefit Fund of Chicago firmographics
Firmographics- Name
- Policemen’s Annuity and Benefit Fund of Chicago
- Legal name
- Policemen's Annuity and Benefit Fund of Chicago
- Website
- https://chipabf.org
- Company type
- Private
- Founded year
- 1887
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Policemen’s Annuity and Benefit Fund of Chicago is a statutory, single-employer defined benefit pension plan that provides retirement, survivor, and disability benefits to sworn Chicago Police Department members and their dependents under Article 5 of the Illinois Pension Code.
- Ownership category
- akta.pro rank
Policemen’s Annuity and Benefit Fund of Chicago industry classification
Industry- Product category
- Public Pension Fund Administration
- NAICS
- Pension Funds (525110)
- akta.pro industry
- Corporate & Public Pension Funds (DB/DC Sponsors)Financial & Insurance/Asset & Wealth Management/Asset Management — Institutional (Pensions, Endowments, Sovereign)
Keywords
Where Policemen’s Annuity and Benefit Fund of Chicago is headquartered
LocationHeadquarters
- HQ city
- Chicago
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Policemen’s Annuity and Benefit Fund of Chicago business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Others
Revenue model
- Pension Contributions: The Fund is primarily funded through three sources: (1) Employee contributions: Every sworn police officer contributes 9% of their salary (including duty availability), divided as 7% for employee annuity, 1.5% for widow annuity, and 0.5% for automatic annual increase; (2) City of Chicago contributions: The City contributes an actuarial determined amount equal to the normal cost and sufficient to bring assets to 90% of actuarial liabilities by FY2055; (3) Investment returns: The Fund invests assets through various investment managers.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Tier 1 member contributions: 9% of salary |
| Subscription | Monthly | Tier 2 member contributions: 9% of salary |
Go-to-market motion1 record
Distribution channels2 records
Marketing channels4 records
Policemen’s Annuity and Benefit Fund of Chicago product offering
Product offeringCore offering
PABF is a single-employer, defined benefit pension plan that pays formula-based retirement annuities to sworn members of the Chicago Police Department. The Fund also administers duty, occupational, and ordinary disability benefits, survivor annuities for widows, children and parents, healthcare premium deduction administration, QILDRO (Qualified Illinois Domestic Relations Order) processing, and refunds of contributions. Operations are governed by Article 5 of the Illinois Pension Code and supported by professional investment managers across multiple asset classes.
Product overview
The Policemen's Annuity and Benefit Fund of Chicago (PABF) is a single employer, defined benefit pension plan providing retirement, survivor, and disability benefits to sworn members of the Chicago Police Department. The Fund operates two tier structures (Tier 1 for members hired before January 1, 2011, and Tier 2 for those hired after) and offers a suite of interconnected benefits including retirement annuities, duty/occupational/ordinary disability benefits, survivor annuities for widows and children, and healthcare premium deduction services. An online retirement calculator enables members to estimate benefits. The Fund is a qualified 401(a) plan under the Internal Revenue Code.
Differentiator
Problem solved
Functional benefit
Products and services
- Tier 1 Pension Plan Defined benefit pension plan for sworn Chicago Police Department members hired before January 1, 2011, providing retirement annuities, disability benefits, and survivor benefits under Article 5 of the Illinois Pension Code.
- Tier 2 Pension Plan Defined benefit pension plan for sworn Chicago Police Department members hired on or after January 1, 2011, paying a monthly annuity equal to 2.5% of average salary per year of service, subject to age reduction factors and a 75% cap.
- Duty Disability Benefits Tax-free disability benefit awarded at 75% of salary when a sworn member is disabled due to injury in the performance of an act of duty, with child disability benefits of $100/month per eligible child and free City-provided medical insurance until age 65.
- Occupational Disease Disability Benefits Tax-free disability benefit at 65% of salary for members with at least 10 years of service who suffer heart attack or disabling heart disease, including child disability benefits.
- Ordinary Disability Benefits Taxable disability benefit at 50% of salary for disabilities caused by factors other than duty or occupational disease, eligible for 1 year per 4 years of service with a 5-year maximum.
- Survivor and Widow Annuity Benefits Annuity benefits for surviving spouses of deceased active or retired sworn Chicago Police Department officers, including Tier 1 and Tier 2 widow annuities with percentage calculations based on cause of death and years of service.
- Children's Annuity Benefits Monthly annuity for unmarried natural or adopted children of sworn police officers, payable until age 18 or longer if disabled, equal to 10-15% of the annual maximum salary of a first class patrolman.
- QILDRO (Qualified Illinois Domestic Relations Order) Services Court order processing service that directs the PABF pension fund to pay all or a portion of a member's retirement benefit to an alternate payee (typically a former spouse) upon divorce.
- Online Retirement Calculator Online self-service tool for sworn CPD members to estimate their Tier 1 or Tier 2 retirement annuity benefits based on their service history, salary, and other factors.
- Healthcare Insurance Premium Deduction Administration Administrative service deducting healthcare insurance premiums from monthly annuity payments for retired sworn officers, supporting BMO, BCBS, AETNA, United American Insurance, and vision/dental plans.
- Refund of Contributions Lump-sum refund of employee pension contributions with 1.5% simple interest for participants who withdraw before age 50 or with less than 10 years of service before age 57.
Quantifiable outcome
- Formula Annuity for 20 years of service: approximately 50% of final average salary, up to 75% cap
- +2 more outcomes
Companies that use Policemen’s Annuity and Benefit Fund of Chicago
Customer profileSegments2 records
Ideal customer profiles2 records
Policemen’s Annuity and Benefit Fund of Chicago technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Policemen’s Annuity and Benefit Fund of Chicago partnerships and signals
Strategic signalPartnerships
54 partnerships are on record, tiered core and minor.
- NEPCcoreNEPC serves as the investment consultant for PABF. According to the Illinois Pension Code, an RFP for investment consultant shall be conducted every three years. NEPC manages the investment consultant search process for RFPs.
- GRS (Gabriel, Roeder, Smith & Company)coreGRS is listed as a professional advisor/consultant to the Fund. GRS prepares annual actuarial valuation reports and GASB 67/68 reports for the Fund.
- Mitchel TituscoreMitchel Titus serves as the Fund's independent auditor, performing annual audit of Fund assets and issuing financial opinions as required by 40 ILCS 5/5-188.
- Doyle RowecoreDoyle Rowe is listed as a professional advisor/consultant to the Fund.
- JPMorgan ChasecoreJPMorgan Chase provides banking services to the Fund as one of the banking partners listed on the professional advisors page.
- Northern TrustcoreNorthern Trust provides banking services to the Fund and also prints/mails annual contribution statements to members. Listed as banking partner on professional advisors page.
- AlliantminorAlliant provides risk management services to the Fund as listed on the professional advisors page.
- Burke BurnscoreBurke Burns provides legal services to the Fund as one of the legal advisors listed on the professional advisors page.
- RDL (RDL Labor Law PC)minorRDL Labor Law PC provides legal services to the Fund as listed on the professional advisors page.
- Blaida AssociatesminorBlaida Associates serves as the legislative liaison for the Fund, providing government relations and legislative advisory services.
- Great Lakes AdvisorscoreGreat Lakes Advisors manages US Large Cap equity investments for the Fund as part of PABF's investment manager roster.
- XponancecoreXponance manages US Large Cap equity investments for the Fund as part of PABF's investment manager roster.
- Ariel InvestmentscoreAriel Investments manages US Small/Mid Cap equity investments for the Fund.
- William Blair & CocoreWilliam Blair & Co manages US Small/Mid Cap equity investments for the Fund.
- Columbia Threadneedle InvestmentscoreColumbia Threadneedle Investments manages Micro Cap equity investments for the Fund.
- EARNEST PartnerscoreEARNEST Partners manages Core Fixed Income investments for the Fund.
- Garcia HamiltoncoreGarcia Hamilton manages Core Fixed Income investments for the Fund.
- National Investment ServicescoreNational Investment Services manages Core Plus Fixed Income investments for the Fund.
- WellingtoncoreWellington manages Core Plus Fixed Income investments for the Fund.
- Hudson Edge Asset ManagementcoreHudson Edge Asset Management manages Short Duration fixed income investments for the Fund.
- Artisan PartnerscoreArtisan Partners manages International Developed equity investments for the Fund.
- UBS InternationalcoreUBS International manages International Developed equity investments for the Fund.
- AcadiancoreAcadian manages International Small Cap equity investments for the Fund.
- ManulifecoreManulife manages Global Opportunistic Fixed Income investments for the Fund.
- PluscioscorePluscios manages Long/Short Equities investments for the Fund.
- UBS BucktowncoreUBS Bucktown manages Long/Short Equities investments for the Fund.
- Capital DynamicscoreCapital Dynamics manages Buyouts/Special Situations Private Equity investments for the Fund.
- Levine Leichtman Capital PartnerscoreLevine Leichtman Capital Partners manages Buyouts/Special Situations Private Equity investments for the Fund.
- Muller & MonroecoreMuller & Monroe manages Buyouts/Special Situations Private Equity investments for the Fund.
- Adams StreetcoreAdams Street manages Co-Investments in Private Equity for the Fund.
- Mesirow FinancialcoreMesirow Financial manages Co-Investments in Private Equity and Value Add Real Estate investments for the Fund.
- HarborVestcoreHarborVest manages Secondaries Private Equity investments for the Fund.
- GlendowercoreGlendower manages Secondaries Private Equity investments for the Fund.
- InvescocoreInvesco manages Venture Private Equity investments for the Fund.
- LazardcoreLazard manages Emerging Market Equity investments for the Fund.
- BrookfieldcoreBrookfield manages Private Real Estate Debt investments for the Fund.
- Soundmark PartnerscoreSoundmark Partners manages Private Real Estate Debt investments for the Fund.
- TA RealtycoreTA Realty manages Value Add Private Real Estate investments for the Fund.
- TerraCapcoreTerraCap manages Value Add Private Real Estate investments for the Fund.
- LoneStarcoreLoneStar manages Distressed Private Real Estate investments for the Fund.
- BeachPoint CapitalcoreBeachPoint Capital manages Opportunistic Credit investments for the Fund.
- Blueprint CapitalcoreBlueprint Capital manages Opportunistic Credit investments for the Fund.
- DorchestercoreDorchester manages Opportunistic Credit investments for the Fund.
- Eagle PointcoreEagle Point manages Opportunistic Credit investments for the Fund.
- VoyacoreVoya manages Opportunistic Credit investments for the Fund.
- Global Infrastructure PartnerscoreGlobal Infrastructure Partners manages Infrastructure investments for the Fund.
- UllicocoreUllico manages Infrastructure investments for the Fund.
- BrightwoodcoreBrightwood manages Direct Lending Private Debt investments for the Fund.
- ClareantcoreClareant manages Direct Lending Private Debt investments for the Fund.
- Monroe CapitalcoreMonroe Capital manages Direct Lending Private Debt investments for the Fund.
- CrestlinecoreCrestline manages Special Situations Private Debt investments for the Fund.
- JP MorgancoreJP Morgan manages Special Situations Private Debt investments for the Fund.
- EnTrust GlobalcoreEnTrust Global manages Hedge Fund investments for the Fund.
- PluscouscorePluscous manages Hedge Fund investments for the Fund.
Scale indicators1 record
Recent moves6 records
Expansion highlights4 records
Policemen’s Annuity and Benefit Fund of Chicago competitors and assessment
Company assessmentDirect peers
- Firemen's Annuity and Benefit Fund of Chicago: Sister public safety pension fund for sworn Chicago firefighters, structured under the same Illinois Pension Code framework with statutory City contributions and a defined benefit formula. Directly comparable in scope, governance model, and funding mechanics to PABF.
- Municipal Employees' Annuity and Benefit Fund of Chicago: City of Chicago pension fund for general municipal employees, also administered under the Illinois Pension Code with a Retirement Board, defined benefit structure, and City actuarial contributions. Comparable statutory structure and member-funded model to PABF.
- Chicago Teachers' Pension Fund: Chicago public-sector pension fund for CPS educators, governed by an elected/appointed board with statutory City contributions and a defined benefit formula. Operates in the same municipal pension ecosystem as PABF with comparable scale and governance.
Regional players
- Cook County Pension Fund: Illinois public-sector pension fund for Cook County employees, structured as a defined benefit plan with employer and employee contributions under Illinois statute. Comparable in regulatory regime and actuarial structure to PABF.
- Illinois Municipal Retirement Fund: Statewide Illinois public pension system for municipal and county employees outside Chicago, providing defined benefit retirement coverage with employer and employee contributions. Comparable in statutory construct to PABF but serving a different geographic employer base.
- Los Angeles Fire and Police Pensions: California public safety pension system covering LA city firefighters and police officers, with a defined benefit structure and pension board governance. Functionally analogous to PABF as a large-municipality public safety pension.
- New York City Police Pension Fund: Public safety pension for NYPD officers administered under New York state law with statutory employer contributions and tiered benefit formulas. One of the largest public safety pensions in the US and directly analogous to PABF in mission and structure.
Others
- Illinois State Board of Investment: State-level investment management entity that invests assets for certain Illinois public pension systems. Adjacent to PABF as an institutional investment governance peer and potential service provider relationship, though not a competing pension entity.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat3 records
Key risks6 records
Key highlights6 records
Customer concentration
Policemen’s Annuity and Benefit Fund of Chicago social profiles
Digital presencePolicemen’s Annuity and Benefit Fund of Chicago financial estimates
Financial estimateRevenue estimate
Valuation estimate
Policemen’s Annuity and Benefit Fund of Chicago leadership team
Management profileNumber of profiles
Profiles8 records
Policemen’s Annuity and Benefit Fund of Chicago funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Policemen’s Annuity and Benefit Fund of Chicago M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Policemen’s Annuity and Benefit Fund of Chicago
What does Policemen’s Annuity and Benefit Fund of Chicago do?
PABF is a single-employer, defined benefit pension plan that pays formula-based retirement annuities to sworn members of the Chicago Police Department. The Fund also administers duty, occupational, and ordinary disability benefits, survivor annuities for widows, children and parents, healthcare premium deduction administration, QILDRO (Qualified Illinois Domestic Relations Order) processing, and refunds of contributions. Operations are governed by Article 5 of the Illinois Pension Code and supported by professional investment managers across multiple asset classes.
Is Policemen’s Annuity and Benefit Fund of Chicago a public or private company?
Policemen’s Annuity and Benefit Fund of Chicago is a private company. It is classified as state government owned and is currently operating.
When was Policemen’s Annuity and Benefit Fund of Chicago founded?
Policemen’s Annuity and Benefit Fund of Chicago was founded in 1887. It employs 11 to 50 people.
Where is Policemen’s Annuity and Benefit Fund of Chicago based?
Policemen’s Annuity and Benefit Fund of Chicago is headquartered in Chicago, United States, in the North America region.
How does Policemen’s Annuity and Benefit Fund of Chicago make money?
One revenue line is on record: pension Contributions.
Who are Policemen’s Annuity and Benefit Fund of Chicago's main competitors?
Direct peers on record are Firemen's Annuity and Benefit Fund of Chicago, Municipal Employees' Annuity and Benefit Fund of Chicago and Chicago Teachers' Pension Fund. Regional players are Cook County Pension Fund, Illinois Municipal Retirement Fund, Los Angeles Fire and Police Pensions and New York City Police Pension Fund. Illinois State Board of Investment is listed as an others.
Does Policemen’s Annuity and Benefit Fund of Chicago have an API?
No public API is recorded for Policemen’s Annuity and Benefit Fund of Chicago.
What industry is Policemen’s Annuity and Benefit Fund of Chicago in?
Policemen’s Annuity and Benefit Fund of Chicago's product category is Public Pension Fund Administration. Its primary akta.pro industry code is FSAAAGAA, Corporate & Public Pension Funds (DB/DC Sponsors). Its NAICS code is 525110.