Chicago Municipal Employees' Annuity & Benefit Fund is searching for a new executive director.
The $3.2 billion pension fund has posted a job listing on its website for its top official with a deadline of March 15. The position reports to the board of trustees and oversees about 40 employees at the pension fund.
Dennis White, the previous executive director, has joined law firm Kahn Swick & Foti as a partner overseeing the firm's institutional investor services.
Sarah A. Boeckman, a partner with law firm Burke Burns & Pinelli, is currently serving as interim executive director. She has also previously served as the interim executive director at the $900 million Chicago Firemen's Annuity & Benefit Fund in 2021 following the departure of executive director Steve Swanson.
Mr. White joined the pension fund in 2019 to replace Jim Mohler, who left to become executive director of the $1.3 billion Chicago Metropolitan Water Reclamation District Retirement Fund.
Chicago Municipal Employees' Annuity & Benefit has been beleaguered for years with a plummeting funding ratio as the city of Chicago has failed to make actuarially required contributions to the pension fund. While the city began making those payments in 2022, the pension fund's funding ratio stood at 22% as of Dec. 31, 2021, according to its most recent actuarial valuation report.
The job listing is available on MEABF's website.
Ms. Boeckman and Stacey Ruffolo, deputy executive director, could not be immediately reached for further information.