Chicago Police Sergeants' Association
Pension News
PENSION FUND UPDATE: 26 September 2007
Recently, the Chicago Sun-Times has run a series of articles concerning pension funds that cover City of Chicago employees. The City of Chicago Policemen’s Annuity and Benefit Fund is one of the pension funds identified as awarding 15 million dollars to DV Urban Realty Partners.
At the April 25, 2006 Investment Committee Meeting of the City of Chicago Policemen’s Annuity and Benefit Fund, the first order of business on the agenda was to consider committing 15 million dollars to DV Urban Realty Partners. After a presentation to the Board and discussion concerning this investment a motion was made and seconded to commit 15 million dollars of the Policemen’s Annuity and Benefit Funds monies to DV Urban Realty Partners. The Motion passed 7 to 1.
The one dissenting vote was cast by Board Trustee, Sgt. Michael Lazzaro. Trustee Lazzaro is the elected representative for sergeants on the Executive Board of the Policemen’s Annuity and Benefit Fund. Trustee Michael Lazzaro is also a member of the Board of Directors for the Chicago Police Sergeants’ Association. Trustee Michael Lazzaro based his decision in part to vote against this investment citing the fact that DV Urban Realty Partners did not have an established track record and history for this type of investment. Further, Sgt. Michael Lazzaro did not believe this type of real estate investment with DV Urban Realty Partners warranted the risk verses the projected return.