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

Storage Vault

On Friday, July 7, 2017, staff at the Policemen’s Annuity and Benefit Fund of Chicago (the “Fund”) learned one of the storage vaults warehousing old Fund records, retained as mandated by the State of Illinois Records Management Section, had its lock cut. Immediately after learning such news, the Chicago Police Department (“CPD”) was contacted and Fund staff met with a CPD responding officer and evidence technician who, after a preliminary investigation, was of an opinion he did not believe any records were taken.

Preliminary investigation by the Fund staff indicates the records in this storage vault dated from the 1940s-1970s, and the Fund was not the sole target as two other storage vaults, belonging to unknown owners, at the facility also had their locks cut.

The Fund will continue to monitor this matter and advise as necessary.

Public Act 099-0905 (COLA)

On November 29, 2016, the Illinois legislature enacted Public Act 099-0905, which provides some benefit enhancements to members of the Fund, including cost-of-living increases to retired members born after January 1, 1955, but before January 1, 1966; additional benefits to minimum widows of the Fund whose spouses were Tier 1 members; and surviving family members, including widows and children, of deceased Tier 2 members. The Fund is working as quickly as possible to enact these benefit changes.

Of particular interest is the cost-of-living increases available under this new legislation to those retired members with birth dates on or after January 1, 1955, and before January 1, 1966. Those members that have at least 20 years of service at retirement, have been retired for AT LEAST ONE year as of January 1, 2017, and have attained the age of 55 will be entitled to a 3.0% cost of living increase. In addition, some catch-up provisions are included in the legislation and many retired members in this group will receive incremental increases based upon a few qualifications including age at retirement and retirement date. For the members impacted, a 3.0% cost-of-living adjustment was applied to your January 31, 2017, retirement annuity. For those that will be receiving additional catch-up cost-of-living increases, the Fund’s staff is working on such calculations. Completion of these calculations will take up-to six months, as each calculation is a manual process. The Fund’s staff will work as quickly as possible to complete these. Note that for members born before January 1, 1955, this legislation does not apply to you.

2017 BENEFIT PAY DATES

The Fund’s staff is aware that retirees like to keep track of the dates their annuity will be electronically deposited each year.

It is recommended that all retirees take advantage of having direct deposit. It is the safest and most secure method of receiving a monthly annuity on a known date.

Annuity distributions are on the last business day of each month which is the earned annuity for that month.

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.