City of Chicago

Refunds to people who left

Exact amount: $9,163,948.53

Calendar year 2026

Proxy: this group draws $11,718,221 a year in benefits, 1.12% of the $1,045,781,544 of benefit dollars (annual annuities in force at 12/31/2025 plus 2025 death benefits and refunds). 2025 refunds of employee deductions, FS p.17. Exhibit D (pp.48-49) shows 110 refund payments, but that counts a different set of people than the accounting total, 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.

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