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Pension Fund

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The City’s employees are covered under four defined-benefit retirement plans established by state statute and administered by independent pension boards. These plans are the Municipal Employees’ Annuity and Benefit Fund, the Laborers’ Annuity and Benefit Fund, the Policemen’s Annuity and Benefit Fund, and the Firemen’s Annuity and Benefit Fund. Each independent pension board has authority to invest the assets of its respective plan subject to the limitations set forth in 40 ILCS 5/1-113.

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