The Laborers’ and Retirement Board Employees’ Annuity and Benefit Fund of Chicago

What The Laborers’ and Retirement Board Employees’ Annuity and Benefit Fund of Chicago does

LABF is a public defined benefit pension fund established in 1935 under the Illinois Pension Code (40 ILCS 5/11) and administered by an eight-member Board of Trustees. It serves City of Chicago employees classified as "labor services," certain Board of Education members, and individuals employed by the Laborers', Policemen's and Firemen's Annuity and Benefit Funds. Membership is automatic upon covered employment, with active members contributing 8.5% of gross salary via payroll deduction and the City of Chicago making corresponding employer contributions. The Fund pays monthly retirement annuities, disability benefits (work-related and non-work-related), widow's and child's annuities, health insurance subsidies, and a 3% automatic annual cost-of-living adjustment for eligible annuitants, with retirement benefits calculated at a 2.4% accrual rate subject to an 80% cap of highest average salary.

The Fund operates a three-tier membership structure (Tier 1, Tier 2, Tier 3) based on hire date, with reciprocal service credit arrangements with 12 other Illinois public pension systems and QILDRO processing for divorce-related benefit divisions. Operations are conducted from a single Chicago office with a staff of 11–50 employees organized under Executive Director and CIO Cameron Mock (appointed June 17, 2024) and including a Deputy Executive Director, Comptroller, Benefits Manager, Compliance Administrator, IT Manager, and an in-house Actuary/Senior Developer. Technology consists of administrative pension management systems for benefits administration, investment management, and member services, with a new Member Portal listed as "COMING SOON" to provide online account access.

The Fund is financed through three contribution and investment streams: mandatory 8.5% employee payroll contributions, employer contributions from the City of Chicago, and investment returns on the managed portfolio. Because LABF is a governmental retirement system rather than a commercial enterprise, it has no revenue in the conventional sense, no equity ownership, and no fundraising; growth in obligations is a function of City of Chicago employment in covered job classifications, investment performance, and statutory changes enacted by the Illinois legislature (most recently Public Act 100-0023 in July 2017, which created Tier 3 and provided additional funding).

Name

The Laborers’ and Retirement Board Employees’ Annuity and Benefit Fund of Chicago

Legal name

The Laborers' and Retirement Board Employees' Annuity and Benefit Fund of Chicago

Website

https://labfchicago.org

Company type

Private

Founded year

1935

Operating status

Operating

Headcount range

11–50 employees

Short description

LABF is a constitutionally protected Illinois public defined benefit pension fund, established in 1935, that administers retirement, disability, and survivor annuities for City of Chicago labor service employees and certain Board of Education and retirement board employees.

Ownership category

akta.pro rank

Product category

Public Sector Pension Fund / Government Retirement Benefits

NAICS

Pension Funds (525110)

akta.pro industry

PRIMARYFSAAAGAA

Corporate & Public Pension Funds (DB/DC Sponsors)

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

Keywords

• Public pension fund
• Defined benefit retirement
• Pension benefits administration
• Government retirement system
• Disability and survivor benefits

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Others

Revenue model

1. Employee Pension Contributions: Active members contribute 8.5% of their gross salary every payday, covering retirement benefit, widow's annuity, and cost of living benefit. Contributions are automatic payroll deductions.
2. Employer Contributions: The City of Chicago (and other employers) make pension contributions on behalf of covered employees.
3. Investment Income: The Fund invests contributions and generates investment returns to fund future pension obligations.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

LABF is a public pension fund that administers a constitutionally protected defined benefit pension plan for City of Chicago employees classified as "labor services," certain Board of Education members, and employees of related retirement boards. The fund collects mandatory employee (8.5% of salary) and employer contributions, invests them, and pays retirement annuities, disability benefits, survivor benefits, and health insurance subsidies to eligible members across three membership tiers.

Product overview

The Laborers' and Retirement Board Employees' Annuity and Benefit Fund of Chicago (LABF) operates as a defined benefit pension plan providing retirement, disability, and survivor benefits to City of Chicago laborers, certain Board of Education members, and individuals employed by participating retirement boards. The organization offers a comprehensive suite of services including retirement annuities, disability benefits, health insurance coordination, survivor benefits, and investment management. Members are categorized into Tier 1 (hired before January 1, 2011), Tier 2 (hired after December 31, 2010), and Tier 3 based on hire date. LABF also provides reciprocal services for members with other Illinois public pension funds, QILDRO services for divorce proceedings, and various forms processing including refunds, beneficiary designations, and tax documents. A new Member Portal is currently under development for enhanced member access.

Differentiator

Problem solved

Functional benefit

Products and services

• Retirement Annuity
• Disability Benefits
• Survivor Benefits
• Health Insurance Subsidy
• Investment Management Services
• Reciprocal Act Services
• QILDRO Services (Qualified Illinois Domestic Relations Order)
• Refund Services
• Service Credit Purchase
• Reversionary Annuity
• Annual Participant Statements
• Tax Services (Form 1099-R and W-4P)
• Tier 1, Tier 2, and Tier 3 Membership

Quantifiable outcome

• Accrual Rate: 2.4% multiplied by service credit, with maximum limit of 80% of highest average salary
• +1 more outcomes

Named customers3 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

Partnerships

Four partnerships are on record, tiered core and minor.

• Blue Cross Blue Shield of IllinoiscoreOthersBCBSIL offers Medicare Advantage Plan and PPO plans for City of Chicago retirees and LABF members. Healthcare coverage options are provided through this partnership.
• GoHealthminorOthersGoHealth helps retirees explore and compare Medicare supplement options and Marketplace insurance plans. Available to help both Medicare eligible and non-Medicare eligible City retirees.
• Laborers' International Union of North America (LIUNA)coreStrategic or Co-development PartnerLABF serves individuals employed by the Laborers', Policemen's and Firemen's Annuity and Benefit Funds. LIUNA is the labor union representing many of the members.
• CaremarkminorOthersPharmacy benefit manager referenced as a useful link for members seeking prescription drug coverage information.

Scale indicators2 records

Recent moves7 records

Expansion highlights4 records

Direct peers

• Illinois Municipal Retirement Fund (IMRF): The statewide DB pension plan for Illinois municipal workers outside Chicago — operating under the same Illinois Pension Code article and providing reciprocal credit services with LABF.
• Municipal Employees' Annuity and Benefit Fund of Chicago (MEABF): The sibling Chicago municipal pension fund covering general city employees under the same Illinois Pension Code framework (40 ILCS 5), governed by a similar Board of Trustees structure and offering reciprocal benefits — the closest like-for-like comparator.
• Firemen's Annuity and Benefit Fund of Chicago: The Chicago firefighters' pension fund governed under the same Illinois Pension Code article structure as LABF, providing defined benefits to a distinct uniformed cohort with the same DB-plus-COLA architecture.
• Forest Preserve District Employees' Annuity and Benefit Fund of Illinois: A small Illinois public pension fund under the same statutory framework, comparable in scale to LABF and serving a defined covered-employee population tied to a single public employer.
• Policemen's Annuity and Benefit Fund of Chicago: Another Article-funded Chicago retirement system serving city police officers, operating under the same constitutional and statutory framework as LABF with identical reciprocal-service mechanics and Trustee governance model.
• Cook County Pension Fund: The Cook County government employee DB pension fund, comparable to LABF in being a sub-state municipal retirement system in the Chicago metropolitan area with reciprocal-service eligibility.
• Chicago Teachers' Pension Fund (CTPF): Chicago-specific public pension fund covering Board of Education teachers — an overlapping constituency with LABF (which covers certain Board of Education members) under the same Illinois DB pension statute.
• Chicago Park District Employees' Annuity and Benefit Fund: A specialized Chicago-area public pension fund covering Park District employees under the Illinois Pension Code, structurally identical to LABF and serving a discrete municipal employer cohort.

Broad incumbents

• Illinois State Employees' Retirement System (SERS): A much larger Illinois statewide DB public pension fund covering state employees, providing a broader incumbent benchmark for governance, asset allocation, and COLA mechanics applicable to LABF's smaller fund.
• Illinois Teachers' Retirement System (TRS): The statewide pension system for Illinois teachers outside Chicago — a major Illinois pension incumbent offering broad scale benchmarks on funding policy, COLA design, and reciprocal-service administration.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 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 The Laborers’ and Retirement Board Employees’ Annuity and Benefit Fund of Chicago