We perform monthly reconciliations for all bank and investment accounts, accurately record investment activity, and track revenue and expenses for the Pension Fund. Our team also maintains detailed documentation of member contributions, including Tier 1 and Tier 2 status, ensuring clear and organized financial records.

We calculate annual pension benefits in line with Illinois Compiled Statutes (ILCS) or other applicable state laws for both service and disability pensioners. Our team prepares annual payment schedules for Pension Fund Board approval and handles benefit calculations for new pensioners or any required updates. We track future increases, determine taxability, and maintain detailed records, including benefit calculations, tax documents, and safe harbor data. Each month, we process pension payments, withholdings, and QILDROs, and provide the Pension Fund with benefit payment registers. We also manage contribution refunds and assist with creditable service calculations to ensure accurate and compliant pension administration.

Each quarter, we compile and present financial statements that summarize all Pension Fund activity during board meetings. We also prepare and file annual 1099-Rs for pensioners, 1099-Misc forms for vendors, and the Annual Statement for the Department of Insurance. Our team supports auditors with detailed workpapers and ensures timely completion of the annual municipal compliance report.

We handle vendor payments efficiently and prepare the check register for Pension Fund Board approval, ensuring smooth and transparent financial operations.