The Municipal Employees', Officers and Officials Benefit Fund of Chicago ("Fund") was created in 1921 by the Illinois General Assembly. The Fund is a pension trust fund of the City of Chicago and is administered under Chapter 40, Act 5, Articles 1, 8 and 20 of the Illinois Compiled Statutes ("Statutes"). The Fund is a defined benefit single-employer Fund. The Illinois State Legislature is the governing body that sets benefit levels, as well as employer and employee contributions. The current estimated value of the Fund's portfolio is $4.13 billion. The Fund has approximately 31,000 contributing members and administers benefits for over 21,000 annuitants, 4100 beneficiaries and 370 disabled members.