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

City of Chicago Retirees Health Insurance Subsidy Reimbursement Notification

Policemens

The Circuit Court of Cook County ordered that all eligible City of Chicago employee annuitants (both current and future employee annuitants, but not spousal or child annuitants) of the Policemen’s Annuity and Benefit Fund (the “Fund”) are entitled to receive a health insurance premium subsidy, representing a partial reimbursement for healthcare costs. The following are important facts related to the subsidy:

More Information

CITY OF CHICAGO RETIREE HEALTHCARE ANNUITANTS ALERT!

Some Retirees Have Not Cashed Their Healthcare Premium Refund Checks.

Retirees or their Legal Representatives May Request The City to Reissue their Refund Checks.

Here’s How:

For More Information Follow This Link

2019 BENEFIT PAY DATES

Policemens

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.

Pension Advisor

Executive Director Icon Summer 2019 Issue No. 63
On-Line News Letter Available For Download
[Download Link]

REMEMBER

Attention All members, Active, Retired and Surviving Spouses;

As life events occur, relocations, marriages, births, deaths, divorce, etc. you should keep the Pension Fund updated of any and all changes. This is to assure you received news, updates and/or tax forms in a timely fashion.

Policemens

AFFIDAVIT
CONTINUING BENEFIT ELIGIBILITY LETTER

The Fund has recently distributed the following letter to all of its beneficiaries:
Affidavit Letter

The letter is to be signed, notarized, and returned to the Fund as promptly as possible.

As a matter of practice, many Funds across the City and State use a similar communication to verify the validity of each benefit that is being paid to its many beneficiaries. Many do it annually.

This process is necessary to preserve the assets of this Fund for those who remain entitled to a continuing benefit.

The Fund has recently experienced a failure of several members and/or their families to notify the Fund upon the death of a member, and as a result benefits were allowed to continue.

The Fund is not out to suspend any member’s benefit payments and will not do so until other avenues of verification have been attempted and exhausted.

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.

[Read More About The] IMPLEMENTATION OF 3% AUTOMATIC ANNUAL INCREASES

MILITARY CREDIT

Policemens Sworn Police members are eligible to purchase up to 2 years pension credit for prior Active Military service. An Application 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.

Fund News

Office Will Be Closed

Columbus Day

Monday, October 14th
2019 Holiday Schedule

Upcoming Meeting Dates

Investment
Committee Meeting

Monday, September 23rd at 9am
Monthly Investment Committee Agenda for []

Retirement Board Meeting

Thursday, September 26th at 9am
Monthly Agenda for [ September 26th ]
[Visit the meetings page for the schedule]

Hearing Schedule

    September 26th - 9:00am
  • 10:45 William Pruente
    (Felony Conviction)
  • 11:30 Anthony G. Abbate
    (Felony Conviction)
    [Atty: Ralph Licari]
  • 12:00 Veronica Murillo
    (Total & Permanent)
    [Atty: Ralph Licari]
  • 12:30 Teresa R. Foster (Status)
    [Atty: Michael Rothmann]
  • 12:30 Mellowniece Harrington
    (Status)
  • 12:30 Donna L. Lewis (Status)

As a reminder, the meetings of the Retirement Board trustees are always open to the public. We appreciate the interest and welcome all attendees.

Investment Meeting Web Estimate News Letter

Annuity Direct Deposits for 2019 are as follows:
  • January 31; annuity for January
  • February 28; annuity for February
  • March 29; annuity for March
  • April 30; annuity for April
  • May 31; annuity for May
  • June 28; annuity for June
  • July 31; annuity for July
  • August 30; annuity for August
  • September 30; annuity for September
  • October 31; annuity for October
  • November 29; annuity for November
  • December 31; annuity for December

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 @ 745-5182 or registering through the Intranet at Employee Resources Services Division.

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]

Pre-Retirement Seminars

  • Tuesday, January 29th
  • Wednesday, February 20th
  • Tuesday, September 24th
  • Tuesday, November 12th
  • 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 500,000 or more.
    Read More...