Pension News - FABF

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FROM THE ACTIVE TRUSTEE MICHAEL J. SHANAHAN In this edition of the <strong>Pension</strong> <strong>News</strong>, my fellow trustees have expounded on issues that our annuitants and active members are forced to consider each day due to the constant media attention focusing on the “pension crisis” in the state of Illinois. Trustee Martin discusses at length the current underfunded status of our fund and some of the reasons we are in this precarious situation. Trustee Carlson answers some of the questions regarding the Retiree Healthcare Benefi ts Commission and the current status of retiree healthcare. Lastly, Trustee Fabrizio points out misconceptions, errors and omissions in the media’s reporting of our benefi ts, disabilities and contributions. I would like to take this opportunity to review our investment returns and to illustrate why investment returns alone cannot provide a healthy fund. The year 2012 has seen continued upward movement. As of this writing, your fund is up 6.86% through March 31, 2013 which places our fund in the 3rd percentile within the Northern Trust universe of public funds. The chart below shows that as of March 31, 2013 we consistently outperform most other pension funds, as measured by the Northern Trust. Time Period Annualized Return Percentile Rank Year-to-Date 6.86% 3 rd 1 Year 12.01% 8 th 3 Year 11.03% 9 th 5 Year 4.77% 57 th 10 Year 9.94% 6 th Over the last ten years, our annual return is nearly 10%, which is almost 2% above our actuarial assumed expected rate of return of 8%. These investment returns are directly attributable to our prudent diversifi cation across most asset classes, including large and small, domestic and international stocks, bonds, private equity and commodities. Even with these strong, positive, best in class returns, your fund continues to struggle with signifi cant underfunding. As much as we would like, and as hard as we might try, we cannot invest our way out of our underfunded status. While no one can predict the course of future investment returns, either positive or negative, your Trustees will continue to be prudent, vigilant and diligent in the management and oversight of our investable assets. 20
ENDE MENZER WALSH & QUINN WIDOWS' AND CHILDREN'S ASSISTANCE FUND Through the Ende Menzer Walsh and Quinn Retiree’s Widow’s and Children’s assistance Fund (IRS authorized 501(C) (3)charitable organization) Active and Retired members, many businesses, and many of our friends across the city have contributed generously to help us raise and distribute money to the neediest of our participants. In 2012, we disbursed over $750,000 last year to 628 widows and 83 children. These gifts made possible by active and retired fi refi ghters, paramedics and our generous benefactors have helped many who are truly just barely making ends meet. Nearly as important, the people we help are remembered as extended members of our Chicago Fire Department. It has always been our goal to help ease the burdens that come with the loss of a father or mother or husband. What we have accomplished over more than 25 years has been no small task. There are so many people who are truly deserving of our gratitude to help make the support we provide others possible. Having been involved with this Gift Fund has really been a rewarding experience. Every year we get hundreds of phone calls and thank you cards from widows and children in gratitude for the support that you provide. Some of the calls really put things in perspective. In 2012, one elderly widow called shortly before Christmas and told us the story of how she was boiling water for nearly three months because she couldn’t afford to get her hot water heater fi xed. The check we sent her enabled her to get it fi xed and she called to say thank you to everyone that helped that made it possible. Many others write in fond remembrance of their departed husband and tell of how much the Chicago Fire Department has meant to them and their families. Many people and organizations throughout the City have taken note and have volunteered their support for which we are extremely grateful. Jack O’Callahan, former 1980 US Olympic Hockey Gold Medal winner and Chicago Blackhawk along with Judy Rice, former City Treasurer and current Harris Bank Vice President were instrumental in initiating our annual Blackhawks Vs. Police and Fire Charity Softball Games. Jack and Judy along with the entire Chicago Blackhawks and Harris Bank organizations jumped in and helped us greatly expand a Chicago corporate outreach allowing us to do even more than we have in the past. The Chicago Blackhawk Alumni, The Harris Bank, The Chicago Firefi ghter’s Local 2, Sal Ferrara of Ferrara Pan Candies, Larry Wirtz now with WGN and Carol Cooling and Jodi Bajor of NBC, the Blackhawks Ice Girls, Pepsi, Saint Xavier University, CBOE and CME, The Battle of the Badges committee, The Chicago Police Memorial and our MC Mike Adamlee are just a few who have been instrumental in our growth as a charity. They all have a piece in that new water heater for one of our neediest widows. They all helped many elderly widows purchase and wrap Christmas presents for grandkids. I would also like to personally thank a few of our own Chicago Fire Department members who are always willing to commit their time and services. Local 2’s director of Public Relations Tim O’Brien, Lt. Mike Neeham and Lt. Dave Leno were very instrumental in building stands and preparing the fi eld for this year’s event at SXU. I would also like to thank my fellow trustees and staff for their support and attendance at the event. On April 23rd, while fi nishing the newsletter and planning for this year’s event, I opened a letter for the Gift Fund and was pleasantly surprised to receive a check from our former mayor, Richard M. Daley for our Ende Menzer Walsh & Quinn Retiree’s Widow’s and Children’s Assistance Fund. While I was preparing the formal IRS required contribution receipt, Mayor Daley called to let us know that support that we provide to our neediest participants is special, unique and helps a lot of deserving people. On behalf of all involved, I expressed our thanks for his generous support. In conclusion, given our neediest participants needs and the fact that they receive no cost of living increases. We are committed to always increasing our efforts. We are beginning our efforts for this year’s event. We’ll gladly accept anyone’s offer to help in any capacity. We are all committed to an even better year. To all of you that contributed, thank you. For those that want to contribute, call the Fund offi ce at (312) 726-5823 and we can assist with payroll deduction for active and retired members. 21
Page 1 and 2: Spring 2013 PENSION NEWS PUBLICATIO
Page 3 and 4: FROM THE SECRETARY (cont.) the memb
Page 5 and 6: DECEASED PARTICIPANTS FROM AUGUST 1
Page 7 and 8: DECEASED PARTICIPANTS FROM AUGUST 1
Page 9 and 10: THE FOLLOWING ANNUITIES AND BENEFIT
Page 11 and 12: THE FOLLOWING ANNUITIES AND BENEFIT
Page 13 and 14: FROM THE RETIRED TRUSTEE WALTER CAR
Page 15 and 16: GIFT FUND DONATIONS AUGUST 2012-FEB
Page 17 and 18: GIFT FUND DONATIONS AUGUST 2012-FEB
Page 19: GIFT FUND DONATIONS AUGUST 2012-FEB
Page 23 and 24: SOFTBALL 23

Pension News - FABF

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