City of Chicago

Refunds to members who left

Exact amount: $27,427,828.48

Calendar year 2026

Proxy: this group draws $40,088,296 a year in benefits, 3.35% of the $1,195,697,315 of benefit dollars (annual benefits in payment at 12/31/2025 plus 2025 refunds and disability payments). 2025 refunds of contributions, income statement p.45. The valuation prints 1,839 refunds in the member count roll-forward (p.44) but that counts a different set, so no average is shown. The City's payment is not the same as the benefits paid. The City sends one payment set by law to the fund, and the fund pays its retirees from that money plus member contributions and investment earnings. This split shares the payment out by each group's share of yearly benefit dollars, so it is our estimate, not a City figure.

The City's payment goes to the fund as one lump sum, and thousands of retirees in this group share it, so each person's share is far under $1M and no single person's benefit is bought by one payment.

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