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Municipal Employees' Annuity & Benefit Fund of Chicago
Tiffany Junkins oversees the $4.1B Municipal Employees' Annuity & Benefit Fund of Chicago, a public pension plan created by Illinois statute in 1921.
Municipal Employees' Annuity & Benefit Fund of Chicago
Created by the Illinois General Assembly in 1921, the Municipal Employees' Annuity & Benefit Fund of Chicago is a defined-benefit plan for employees of the City of Chicago, the Chicago Board of Education, and the Chicago Housing Authority. Executive Director Tiffany Junkins administers the fund alongside a board that includes city officials such as City Treasurer Melissa Conyears-Ervin and City Comptroller Chasse Rehwinkel. Member contributions, city tax revenue, and investment returns fund the plan. MEABF allocates roughly $4.1 billion across a multi-manager investment portfolio managed by an internal investment team that includes Steve Yoon and Nadia Oumata. The fund's private-markets exposure spans real assets and credit: known real estate commitments include funds managed by American Realty Advisors, Kayne Anderson, Heitman, J.P. Morgan, and Morgan Stanley. Infrastructure commitments flow through J.P. Morgan Infrastructure Investments Fund and the Ullico Infrastructure Fund. On the private-markets side, the fund has the authority to pursue buyout, growth, venture, distressed-debt, mezzanine, and special-situations strategies, often through fund-of-funds and co-investment structures. Geographic exposure is concentrated in the United States, with select global infrastructure allocations. MEABF operates from a single headquarters in Chicago. The internal investment team leans into institutional networks: the fund holds memberships in the Council of Institutional Investors and the National Association of Securities Professionals, and Steve Yoon has served on the advisory board of The Investment Diversity Exchange. These affiliations give a relatively small internal staff access to manager-sourcing pipelines and governance practices typical of larger public plans. MEABF is structurally distinct because it is not a standalone investment entity — it is a creature of Illinois statute, answerable to city government and collective-bargaining stakeholders. Its boardroom includes union representatives such as Verna Thompson of SEIU Local 73 alongside city finance officials, making portfolio decisions a function of statutory duty and multi-party governance rather than a unified investment committee.
General information
Firm type
Pension Fund
Year founded
1921
AUM
USD 4.1 billion (Altss estimate)
Location
Region
North America
Country
United States
City
Chicago
Corporate office
Chicago, IL, United States
Principals
Tiffany Junkins
Executive Director
Melissa Conyears-Ervin
City Treasurer, Ex-officio Trustee
Chasse Rehwinkel
City Comptroller, Ex-officio Trustee
Steve Yoon
Investment Officer
Nadia Oumata
Investment Officer
Jeffrey Johnson
Trustee, Board Member
Verna Thompson
Board Trustee
Sector focus
Frequently asked questions
How is the Municipal Employees' Annuity & Benefit Fund of Chicago governed?
The fund is governed by a board of trustees established by Illinois statute. Its members include city officials such as the City Treasurer and City Comptroller, who serve as ex-officio trustees, alongside elected and union-appointed representatives. This structure embeds both municipal oversight and collective-bargaining input directly into investment and benefit decisions.
Who manages the day-to-day investment operations at MEABF?
Executive Director Tiffany Junkins oversees administration of the fund. Investment Officers Steve Yoon and Nadia Oumata are responsible for manager sourcing, investment analysis, and portfolio monitoring across the fund's public- and private-markets allocations. The team reports to the board of trustees.
What asset classes does MEABF allocate to?
The fund maintains exposure to public equities, fixed income, and private markets. Within private markets, MEABF allocates to real estate through managers such as American Realty Advisors, Heitman, J.P. Morgan, and Morgan Stanley, and to infrastructure through the J.P. Morgan Infrastructure Investments Fund and the Ullico Infrastructure Fund. It also has a mandate for private credit, buyout, growth, venture, and special-situations strategies.
Does MEABF invest directly or through fund managers?
MEABF uses a multi-manager approach. The fund commits to commingled real estate and infrastructure vehicles and has authority to pursue direct co-investments, fund-of-funds arrangements, and secondaries across private-markets strategies. The internal investment team selects and monitors external managers.
Which employers participate in the MEABF pension plan?
The plan covers qualified employees of three public entities: the City of Chicago, the Chicago Board of Education, and the Chicago Housing Authority. Funding comes from member contributions, city tax revenue, and investment earnings on plan assets.
Is the MEABF part of a larger family of Illinois public pension funds?
No. MEABF is a distinct, self-contained defined-benefit plan established by the Illinois General Assembly specifically for municipal employees of Chicago. It operates alongside other city pension funds — such as those for police and firefighters — but maintains its own board, investment program, and actuarial structure.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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