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Pension

Pension Services

Navigating the Illinois pension code can be difficult. L&A takes pride in the fact that we’ve been working to help police and fire pension fund trustees understand the code for over two decades. We recognize the importance of a Board’s responsibility and the challenge it presents to accomplish these tasks in conjunction with the daily responsibilities of life outside of the pension world.

L&A recognizes the sacrifices made by our clients’ members, who are entitled to a pension benefit that is calculated accurately and remitted timely. Our dedicated staff is available to work directly with your pensioners; our firm treats your members with the respect they deserve.

The entire L&A Pension team possesses unparalleled knowledge of the complex public pension industries. We are the premier go-to resource for public pension administration in the state of Illinois. Our firm’s growth is directly tied to the satisfaction of our clients. Our clients return year after year because of our specialty expertise and the exceptional service we provide.

Accounting Compilation Services

Beyond providing bookkeeping, financial and regulatory reporting services, L&A works to support each client and be a reference point as they navigate the pension world. Our extensive knowledge and experience working with hundreds of different Article 3 and Article 4 pension funds allows us to definitively recommend best practices and provide timely compliance along with financial reporting. This ensures a client’s pension fund remains informed, and, most importantly, runs efficiently.

  • Posting cash receipts and disbursements journal entries
  • Monthly reconciliation of all bank accounts
  • Accounting for investment transactions including amortization of discount and premium
  • Posting the general ledger
  • Posting cash receipts and disbursements journal entries
  • Monthly reconciliation of all bank accounts
  • Accounting for investment transactions including amortization of discount and premium
  • Posting the general ledger
  • Recording of vendor and benefit checks
  • Maintenance of contributions by member
  • Maintenance of vendor and benefit payment history
  • Preparation of monthly financial statements
  • Recording of vendor and benefit checks
  • Maintenance of contributions by member
  • Maintenance of vendor and benefit payment history
  • Preparation of monthly financial statements

ACCOUNTING COMPILATION SERVICES PROVIDED

Pension Benefits Administration
Services

L&A provides benefit administration for hundreds of the Article 3 and Article 4 pension funds in existence in Illinois. We represent roughly 15,000 active service members and some 11,000 pensioners.

Pension funds provide benefits directly to members. L&A’s specialized benefits team prioritizes accurate and timely remittance of each client’s members benefits. Our firm respects and appreciates the extreme sacrifices that our clients’ members have made and will make and we recognize the importance of pension benefits to their lives. We pride ourselves in the personalized service we provide to a client’s members. We recognize that every member of a clients’ fund is different, and we are available to talk to them on their schedule, in a manner in which they are comfortable, whether that is with a phone call, an email, or even a face-to-face meeting in our office.

We have established ourselves as the authority in Illinois for Article 3 and Article 4 pension benefits, giving our clients the peace of mind that their members receive the attention and respect they deserve.

  • Pension benefit calculations and disbursements (via ACH or physical check)
  • Maintaining pensioner member files
  • Remittance of deductions (federal tax, insurance, Child Support, QILDRO, etc.)
  • Calculation of and remittance of contribution refunds
  • Calculation of taxability of pension benefits and contribution refunds
  • Pension benefit calculations and disbursements (via ACH or physical check)
  • Maintain pensioner member files
  • Remittance of deductions (federal tax, insurance, Child Support, Quildro, etc.)
  • Calculation of and remittance of contribution refunds
  • Calculation of taxability of pension benefits and contribution refunds
  • Processing of QILDRO’s
  • Calculations of transfers of and purchases of creditable service
  • Remittance of board-approved vendor payments
  • IRS reporting, including generation of and filing of forms 1099R, 1099MISC, 1096, and 945
  • Processing of QILDRO’s
  • Calculations of transfers of and purchases of creditable service
  • Remittance of board-approved vendor payments
  • IRS reporting, including generation of and filing of forms 1099R, 1099MISC, 1096, and 945

PENSION BENEFITS ADMINISTRATION SERVICES PROVIDED

Pension Services Adminstration (PSA)

L&A offers an administrative/recordkeeping service to assist Article 3 and Article 4 pension fund trustees with a variety of administrative duties.

Pension Services Administrators (PSA) help reduce our clients’ administrative work needs. L&A provides Pension Funds with qualified, experienced professional support staff that perform all administrative duties in a timely and efficient manner that is in compliance with the Illinois Statutes and Administrative Code.

Additional Web-Based Portal Service Available

As a PSA client, you can access all of your pension records using our secure online portal through File Cabinet CS software. Our electronic data management system provides tiered and timely access to an archive of the Pension Fund’s current and historic financials, member documents and Pension Fund records.

  • Preparation of Meeting Agendas and Board Packets
  • Attendance at Board meetings
  • Preparation of Board meeting minutes
  • Maintaining active member files
  • Trustee elections
  • Preparation of Meeting Agendas and Board Packets
  • Attendance at Board meetings
  • Preparation of Board meeting minutes
  • Maintaining active member files
  • Trustee elections
  • Record keeping of Trustee Training
  • Board communication and correspondence
  • Record keeping of important pension fund documents
  • Affidavits of continued eligibility
  • Notary public services

PSA SERVICES PROVIDED

  • Record keeping of Trustee Training
  • Board communication and correspondence
  • Record keeping of important pension fund documents
  • Affidavits of continued eligibility
  • Notary public services

Professional Administrative Support Services

L&A helps clients fulfill their required administrative responsibilities in a cost-effective and efficient manner. Compliment an existing team or secure an exclusively outsourced solution to expertly perform  the gamut of administrative support services.

Article 3 & Article 4 Firefighter & Police Pension Funds:

  • Assistance with Illinois records management and retention
  • Document scanning and web-based portals

Non-Pension Fund Clients:

  • Assistance with Illinois records management and retention
  • Document scanning and web-based portals
  • Preparation of meeting agendas, meeting packets and minute taking
  • Assistance in preparing and compiling special reports
  • Assistance with recruitment, hiring and promotion process
  • Employee file maintenance
  • Part-time or temporary administrative support (short-term disability, etc.)
  • Union elections
  • On-site or off-site administrative assistance available

Non-Pension Fund Clients:

  • Assistance with Illinois records management and retention
  • Document scanning and web-based portals
  • Preparation of meeting agendas, meeting packets and minute taking
  • Assistance in preparing and compiling special reports
  • Assistance with recruitment, hiring and promotion process
  • Employee file maintenance
  • Part-time or temporary administrative support (short-term disability, etc.)
  • Union elections
  • On-site or off-site administrative assistance available

PASS SERVICES PROVIDED

Coalition for Qualified Plan Status

In 2008, the Internal Revenue Service (IRS) raised concerns about whether Illinois Article 3 and Article 4 pension funds were in compliance with federal tax law, and strongly encouraged the funds to obtain Qualified Plan Determination Letters. It is recognition as a Qualified Plan that allows pension funds to maintain certain tax benefits such as:

To be recognized as a Qualified Plan, the plan document (the Illinois Statutes and Department of Insurance Administrative Code) must incorporate federal tax law changes as they are adopted. The plan document for Illinois Article 3 and Article 4 funds had not kept pace with changes in federal tax law.  As a result, a coalition of interested organizations was formed (including AFFI, IGFOA, ILFOP, IMTA, IPFA, IPPFA and MAP) to work with the Department of Insurance, Ice Miller, LLP (a law firm that represents a number of governmental pension plans) and Lauterbach & Amen, LLP to address compliance issues for the plans as a group. In 2009, the Coalition recognized the success of its goal as the IRS granted a determination letter to both the Article 3 and Article 4 pension plans.

View the determination letters for the Article 3 and Article 4 pension funds.

Financial update as of August 31, 2019

Pension Forms

Below are commonly used pension benefit forms. If you are a looking for a form that is not currently listed below, please reach out to our benefits team.

Forms

New Benefit Calculation-Information

Other Member Forms

© LAUTERBACH & AMEN, LLP 2019