title
Recommendation to approve the adoption of the Amended and Restated Chicago Housing Authority Employees' Retirement Plan.
presenter
Presenter: Michael Moran, Chief Financial Officer
end
Recommendation
It is recommended that the Chicago Housing Authority Board of Commissioners ("Board") approve the Chicago Housing Authority ("CHA") Employees' Retirement Plan and Trust (the "Plan") as amended and restated effective July 1, 2024. The Plan, as amended and restated, was approved by the Plan's Board of Trustees at Board meeting of December 20, 2024. The Board of Trustees acts as the Plan Sponsor.
This requested action complies in all material respects with all applicable CHA Board policies and all applicable federal (HUD), state, and local laws. CHA staff have completed all necessary due diligence to support the submission of this initiative
Funding
N/A
Background
The CHA Employees' Retirement Plan and Trust was established in 1951 by the CHA to provide CHA employees with retirement benefits as an additional form of compensation. The Plan has been amended several times over the years (1993, 1997, 2010, 2015, 2017 and 2022) to incorporate various legal, governance and investment revisions.
Note: Most CHA employees participate in Social Security. The Plan does not impact Social Security eligibility or benefits.
Revisions and amendments to the Plan are approved and/or ratified by both the CHA's Board of Commissioners and the Plan's Board of Trustees.
Amendment Context
The actuarial firm The Segal Group, Inc., actuary for the Plan, was tasked by the Plan's Board of Trustees and the Pension Administrator to review the Plan for best practices for the administration of pension plans and evaluate proposed benefit enhancements.
As a result, and in conjunction with The Plan Administrator and staff, certain amendments to the Plan were proposed that enhance benefits and strengthen good governance.
Key Revision Highlights
* For non-retired members, change benefi...
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