Welcome to the Policemen's Annuity and Benefit Fund of Chicago

2015 RETIREE
HEALTH CARE

In the Fall of 2014, the City of Chicago mailed letters and notification to annuitants that participate in retiree healthcare through the City of Chicago's retiree healthcare programs. In summary, these notifications indicated rate increases for 2015 group health insurance and allowed non-Medicare retirees the opportunity to opt-out of the existing plan (also known as the yellow plan) into different plans (also known as the orange, blue and purple plans), which may better meet annuitant needs of provider access, out-of-pocket expenses and premium costs. Medicare eligible retirees remained in the same plan. All continuing coverages included premium increases with the exception of retirees born on/after January 1, 1909 and on/before December 31, 2013. The higher premium costs are reflected in the December 2014 earnings statements sent to all annuitants, under "Deductions" category. Please note that healthcare premiums deducted from the December 2014 annuity are used to pay for January 2015 coverages. Information regarding the healthcare changes and relating plan information can be found at the following website (City of Chicago) or please contact the City's benefit services at 1-877-299-5111. Should you wish to cancel your retiree healthcare insurance, you must submit a signed written request to PABF via mail or fax at 1-312-726-3216. Per the City of Chicago's direction, a minimum 30-day notice is required for healthcare insurance cancellations.

2015 DENTAL AND VISION

The Fraternal Order of Police (FOP) has advised the Fund that the retiree dental and vision plan provider will be changing effective October 1, 2014. As a reminder, the FOP is the plan sponsor of the voluntary retiree dental and vision program. The Fund, as an accommodation to the retired members, deducts vision and dental premiums from a retiree’s pension payments, based upon each retiree’s coverage elections. The Fund does not select the provider, establish premium rates, or manage the claim payments. The new provider of coverages is Source 1 Benefits (as administrator) and MetLife. Should you have any questions on coverages, premiums or even general matters relating to these changes or benefits, please contact Source 1 at 1-844-466-0883 or MetLife at 1- 800-438-6388 (for Dental related matters) or 1- 855-638-3931 (for Vision related matters).

MILITARY CREDIT

Sworn Police members are eligible to purchase up to 2 years pension credit for prior Active Military service. The application is on our website which must be accompanied with a copy of your DD214. If the qualifications are met, this provision allows a member to purchase in monthly increments up to 2 years and must be applied for and paid prior to retirement.

Chief Investment Officer (CIO) Search

The Fund is seeking applications for a Chief Investment Officer. This is a full-time position at the Fund, which reports directly to the Fund's Board of Trustees. The office of the Chief Investment Officer is located at the Fund's offices in Chicago. Please see the attached for a complete job description, along with information on where to submit a complete application. Please note that the application deadline is Monday, February 16th, 2015, at 4pm.

Retro Pay

As the Fund enters 2015, the most significant project at the top of the “to-do” list for staff is the retroactive pension adjustments that will be paid to any retired and disabled members with active service after July 1, 2012. The Fund has well over 1,000 calculations that need to be completed. Each calculation is done individually and independently. Unfortunately, there is NOT a one-step “go” button to prepare and complete these calculations. While the Fund’s staff will work with utmost urgency to get all retroactive adjustments calculated as soon as possible, the estimated timeframe to complete all calculations is approximately one year. Please note that in an effort to keep administrative costs very low, the benefit analyst group is a very lean group of hard working professional staff. This group will be calculating the retroactive adjustments, but they also will continue to process current retirements, disability applications, widow applications and resignation refunds. Your patience during this process is greatly appreciated!

1099 and Tax Letters

1099s and the tax deduction letter for eligible retired public safety officers were sent out the last week of January, 2015. If you have not received either of these documents by February 17, 2015, please contact our office for a duplicate copy at (312) 744-3891. Please be sure to keep your address up to date. Thank you. [Change of Address Form]

2015 BENEFIT PAY DATES

Retirees, who have direct deposit set up for their monthly annuity, remember the direct deposit is entered to your bank on the LAST BUSINESS DAY of each month. This excludes weekends and holidays. For the remainder of 2014 the direct deposit dates are:

January 30, February 27, March 31 April 30, May 29, June 30, July 31, August 31, September 30, October 30, November 30, December 31.

For retired members who have checks mailed directly, please be advised, mail date is four business days prior to payable date. The Fund has no control over the U.S. Postage Service and will not guarantee prompt delivery of any check(s). Reissuance of a “lost” or “destroyed” check cannot occur until the 5th business day of the following month. Which, when re-issued, is mailed again through USPS. We highly recommend direct deposit to avoid any delays in receiving your monthly benefit.

Site
Links

Investment Meeting Web Estimate News Letter

Events

The Office will Be Closed

Memorial Day
  • Monday, May 25
    • 2015 Holiday Schedule

    Upcoming Meeting Dates

    Investment Committee Meeting
    Monday, February 23 at 9:00 am

    Retirement Board Meeting
    Thursday, February 26 at 9:00 am

    Hearing List for:

      Duty Claims
    • 10:00am Keenan, David
    • 10:30am Acosta, Mario
    • 11:00am Snyder, Anthony

      • Compensation Widow’s Annuity Claim
    • 11:30am Harris, Sandra

      • Lunch
      Status Reviews
    • 12:30pm Herrera, Juana
    • 12:50pm Murphy-Webb, Margaret
    • 1:10pm Buckley, James
    • 1:30pm Madigan, Karen
    [Meetings Page]
    [Agenda Index and Summary]
    [Disability Hearing Schedule]

    Contacting the Office

    The office is open Monday through Friday 8:30am to 4:30pm.
    Phone (312) 744-3891... [More]
    The office is located at 221 North Lasalle Street, Suite 1626.. [More]

    Google Maps Directions to Our Office [More]

    Pension Advisor

    Executive Director Icon Issue Number 54
    On-Line News Letter Available For Download
    [Download Link]

    Pre-Retirement Seminars

    Events image The seminar is one-day held at Chicago Police
    Department Head Quarters.
    ◊
    The seminars are offered through the Chicago Police Department, members need to register by calling Personnel @ 745-5342 or registering through the Intranet at Employee Resources Services Division. [Seminar Dates] For Qualifications for a CPD officer to attend [LINK]

    Active Members

    When making plans for retirement we suggest attending a Pre-Retirement Seminar. The seminar is one-day which offers information on a variety of topics to assist in your future planning. Enrollment is conducted by contacting CPD Employee Resource Services Division at 312- 745-5342. There are certain qualifications required before enrolling.

    Pre-Retirement Seminars

  • March 24 Tuesday
  • May 20 Wednesday
  • July 24 Friday
  • October 20 Tuesday

    • A HISTORY OF THE FUND

    Former Chicago Police The history of the Policemen's Annuity and Benefit Fund of Chicago began on April 29, 1887, when the Illinois General Assembly authorized the creation of the Fund, for "Cities, Towns, and Villages having a population of 50,000 or more.
    Read More...