MUNICIPAL EMPLOYEES’ ANNUITY AND BENEFIT FUND OF CHICAGO (“MEABF” or the “Plan”)

Executive Director

Plan Profile

MEABF is a pension trust fund of the City of Chicago administered by its own Retirement Board; and as such, is included in the City of Chicago’s financial statements. A qualified pension plan under section 401 of the Internal Revenue Code, the Plan was established in 1921 by the Illinois State legislature, which is its governing body. MEABF is a single employer defined benefit plan that provides age and service retirement benefits, survivor benefits, post-retirement increases, duty and ordinary disability benefits to eligible members.

MEABF is administered under the direction of a Retirement Board, which is comprised of three elected members and two ex-officio members (the City Treasurer and the City Comptroller). In addition, the Trustees of the Retirement Board set investment policies and objectives, hires investment managers and investment consultants and reviews investment performance.

As of December 31, 2010, the Plan had $5.4B in assets and was 49.8% funded utilizing a five-year smoothed valuation of assets. Active members are approximately 31,000 and employee and survivor annuitants approximately 23,000.

The Plan’s administration is approximately 50 full-time and part-time employees organized by function in three departments: Benefits Management, Finance and Accounting, and Investments.

Additional information about MEABF can be found on our website at

EXECUTIVE DIRECTOR

The Executive Director serves at the pleasure at the Retirement Board and is responsible for the administration of the Plan.

Responsibilities include:

  • Leadership and oversight of the Plan’s administration
  • Retirement Board communications for action and informational items
  • Ensuring pertinent laws, policies, and procedures are being followed
  • Implementing the necessary actions from decisions of the Retirement Board
  • Setting direction for Plan departments to meet Plan goals
  • Negotiates contracts and fees for professional services for investment managers, investment consultants, actuarial consultants legal advisors, etc.
  • Recommends policies and appropriate procedures to the Board of Trustees. Advises the Board of developments in investment, actuarial, accounting, retirement, and employment benefit fields as they may affect the management of the System.
  • Responsible for preparation of Board and Committee Meeting agendas and minutes.
  • Prepares correspondence, reports required by Federal and State statutes or regulations, and monitors compliance with statutes and regulations.
  • Oversees administration of the disability and retirement program, including recommendations regarding appropriate Board action.
  • Develops and administers the annual budget. Monitors expenses.
  • Prepares correspondence and reports, including an annual report, as well as other managerial materials.
  • Oversees the operation of an automated information system.
  • Oversees selection of staff, training and performance evaluation, and administers the internal and external employee communication programs, including staff programs and leadership development programs for management and staff.
  • Manages public relations to assure a positive image and effective communication both with system members and the public.
  • Establishes and maintains high morale and collegial working relationship among all members of the staff.
  • Performs such other related duties as directed by the Board.

Education, Experience, and Characteristics

  • Advanced degree in business, finance, economics, or related discipline accreditation preferred (MBA, CPA, CFA)
  • Leadership experience in a similar institution, organization or government agency; experience in a public pension system is highly desirable
  • Strong communication and presentation skills internally and externally
  • Experience with a state legislative process and elected officials
  • Good understanding of actuarial concepts and methods
  • Good understanding of institutional investment management
  • Working Knowledge of the Illinois Pension Code

Compensation

Will be competitive and correspond with the experience level and credentials of the candidate. Benefits include health insurance, life insurance, dental and vision, membership in the Plan, a deferred compensation plan, one personal day, and twelve holidays.

Non-Discrimination

MEABF firmly supports the principle and philosophy of equal opportunity for all individuals, regardless of age, race, gender, creed, national origin, disability, veteran status or any other protected category pursuant to applicable federal, state, or local laws.