park annuity benefits fund

What park annuity benefits fund does

Park Employees' Annuity and Benefit Fund of Chicago (PEABF) is a single-employer defined benefit pension plan established by an act of the Illinois Legislature on June 21, 1919, and governed under Chapter 40 of the Illinois Compiled Statutes, Act 5, Articles 1 and 12. The Fund provides retirement annuities, duty and ordinary disability benefits, survivor and child death benefits, contribution refunds, and reciprocal annuity transfers exclusively to eligible employees of the Chicago Park District. Following the 1934 statutory consolidation of Chicago's separate park districts, PEABF became the designated pension plan for the unified district.

PEABF's product surface consists of administrative services rather than a technology platform: a series of downloadable PDF application forms for each benefit type, a basic online Retirement Estimator calculator, monthly annuity payment processing (issued on the 1st of each month via mandatory direct deposit), and in-person member services at the Fund's Chicago headquarters. Northern Trust, Co serves as depository and custodian, safeguarding plan assets and processing transactions. The Fund is administered by a Retirement Board comprising four employee-elected trustees and three trustees appointed by Park Commissioners, with an Executive Director and Comptroller providing administrative leadership.

PEABF is funded through employee salary contributions, employer contributions from the Chicago Park District, and investment returns on plan assets; it does not charge participants for administrative services and does not publicly disclose revenue or financial figures on its website. The Fund's distribution is direct-to-member via its office, phone, email, and website, with no commercial pricing tiers or customer segments beyond its single-employer mandate.

Name

park annuity benefits fund

Legal name

Park Employees' Annuity and Benefit Fund of Chicago

Website

https://chicagoparkpension.org

Company type

Private

Founded year

1919

Operating status

Operating

Short description

Park Employees' Annuity and Benefit Fund of Chicago (PEABF) is a statutorily established, single-employer defined benefit pension plan providing retirement, disability, and survivor benefits to eligible employees of the Chicago Park District.

Ownership category

akta.pro rank

Product category

Public Pension Administration

NAICS

Pension Funds (525110)

SIC

Life Insurance (6311)

akta.pro industry

PRIMARYBPAIAKAA

Pensions & Retirement Benefits Administration

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

SECONDARYFSAIACAG

Qualified Annuities (Retirement Plan/IRA)

Financial & Insurance/Insurance — Life & Health/Annuities (Fixed, Variable & Indexed)

SECONDARYFSAEABAE

Employer Retirement Plan Advisory (401(k)/Pension)

Financial & Insurance/Financial Advisory, Brokerage & Intermediation/Wealth & Retirement Advisory

Keywords

• Public pension administration
• Defined benefit retirement
• Employee annuity benefits
• Disability benefit plans
• Survivor pension services

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, Others

Revenue model

1. Pension Contributions and Fund Management: A defined benefit pension plan funded through employee and employer contributions. The Fund provides retirement annuities, disability benefits, and survivor benefits to eligible Chicago Park District employees. Revenue is generated through a combination of employee salary contributions, employer contributions from the Chicago Park District, and investment returns on the fund's assets.

Distribution channels1 record

Marketing channels2 records

Core offering

PEABF administers a statutory single-employer defined benefit pension plan for eligible employees of the Chicago Park District. It computes and pays retirement annuities based on years of service and final average salary, processes duty and ordinary disability benefits, survivor and child annuities, and death benefits, and handles refunds of employee contributions and reciprocal annuity transfers between Illinois public pension systems.

Product overview

Park Employees' Annuity and Benefits Fund of Chicago (PEABF) is a single employer defined benefit pension plan covering eligible public employees of the Chicago Park District. The Fund provides a unified suite of pension administration services including retirement annuity processing, disability benefits (duty and ordinary), survivor benefits, death benefits, and refund processing. The core service offering consists of member-facing tools including an online Retirement Estimator calculator for preliminary projections, downloadable PDF application forms for various benefit types, and administrative services such as direct deposit for monthly annuity payments. The Fund does not operate as a technology platform but as a government pension administrator serving Chicago Park District employees.

Differentiator

Problem solved

Functional benefit

Products and services

• Retirement Annuity Benefits Lifetime monthly retirement annuity based on years of service, final average salary, age at retirement, and tier plan. Available to eligible Chicago Park District employees who meet statutory participation requirements.
• Disability Benefits (Duty and Ordinary) Income protection benefits for Chicago Park District employees who become disabled. Duty disability benefits cover injuries or illnesses incurred on the job; ordinary disability benefits cover non-job-related illness or injury.
• Survivor and Child Annuities Death benefits paid to surviving spouses, minor children, and dependent parents of deceased Chicago Park District employees. Includes Survivor Annuity Application and Child's Annuity Application processes.
• Refund of Contributions Refund processing for members who have left employment with the Chicago Park District and are not eligible for a retirement annuity. Checks are typically issued 3–4 weeks after a complete application.
• Reciprocal Annuity Transfers Recognition of service credits for employees who transfer between Illinois public pension systems, enabling consolidation of benefits across public employers.
• Retirement Estimator Online calculator that allows Chicago Park District employees to estimate their annual annuity based on tier plan, projected salary, projected age at retirement, and projected years of service.
• Monthly Annuity Payment and Direct Deposit Monthly annuity payments disbursed on the first of the month (or last prior business day when the first falls on a weekend or holiday). Mandatory direct deposit into members' bank accounts applies to those retiring after July 1, 2011.

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Chicago Park DistrictcoreOthersThe Chicago Park District is the employer of the plan participants. The Fund provides pension and benefits services exclusively to Chicago Park District employees and retirees. The District's Benefits Manager (Jane Hawes) handles health insurance inquiries.

Recent moves6 records

Expansion highlights3 records

Direct peers

• Illinois Municipal Retirement Fund (IMRF): Multi-employer public pension fund covering municipal employees across Illinois outside Chicago. Although multi-employer rather than single-employer, it operates under the same Illinois statutory framework and provides analogous defined benefit services.
• Chicago Police Officers' Annuity and Benefit Fund: Single-employer defined benefit pension fund for Chicago Police Department members. Administers retirement, disability, and survivor annuities under the same Illinois pension code, with an elected trustee board analogous to PEABF's governance structure.
• State Universities Retirement System of Illinois (SURS): Defined benefit pension system for Illinois public university employees, governed by Illinois statute. Comparable in statutory structure, retirement/disability/survivor benefit offerings, and elected board governance.
• Chicago Firefighters' Annuity and Benefit Fund: Single-employer defined benefit plan for Chicago firefighters, operating under Chapter 40 of Illinois Compiled Statutes with the same retirement, duty disability, and survivor benefit offerings as PEABF.
• Chicago Teachers' Pension Fund: Defined benefit pension plan covering Chicago Public Schools teachers and administrators under Illinois law. Operates the same statutory framework (Article 12 of Illinois Pension Code) and serves a single municipal employer cohort, making its operating model highly comparable to PEABF.
• Metropolitan Water Reclamation District of Greater Chicago Retirement Fund: Single-employer defined benefit pension plan for the Metropolitan Water Reclamation District. Small Chicago-area municipal pension fund operating under the same statutory framework and serving a comparable single-employer municipal population.
• Cook County Pension Fund: Defined benefit pension fund for Cook County employees administered under Illinois statute. Comparable in statutory foundation, single-employer structure, and benefit administration services to PEABF.
• Illinois Teachers' Retirement System (TRS): Statewide defined benefit pension system for Illinois public school teachers outside Chicago. Comparable statutory framework, plan design, and administrative scope, though materially larger in scale.
• Chicago Municipal Employees' Annuity and Benefit Fund: Single-employer defined benefit pension plan for City of Chicago employees, administered under similar Illinois statutes. Closely comparable operating model, governance structure, and benefit offerings to PEABF.
• Forest Preserve District Employees' Annuity and Benefit Fund of Illinois: Single-employer defined benefit pension plan for Forest Preserve District employees of Cook County. Operates under the same Article 12 of the Illinois Pension Code as PEABF with analogous retirement, disability, and survivor benefits for a similar municipal workforce profile.

Market position

Strengths3 records

Weaknesses4 records

Competitive moat3 records

Key risks5 records

Key highlights5 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 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 park annuity benefits fund