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

UPCOMING TRUSTEE ELECTIONS

Two Trustee Elections will be held on Friday, October 6, 2017, for the Trustee positions representing (1) the active members of the class rank of Sergeant and (2) the active members of the class rank of Lieutenant or rank superior to Lieutenant. Petitions are available for pick-up beginning August 23, 2017, at the office of the Fund. Completed petitions may be filed Wednesday, September 6, 2017, through Monday, September 11, 2017, 4PM cst. Please use the link below to view a full timeline of each election. [Time Line]

Special Election for Trustee Position - RESULTS

The unofficial special election results are in. The results are as follows:

Candidate Tom Beyna Votes 1,369
Candidate Mike Shields Votes 453
Candidate Steve Robbins Votes 235
Candidate Kathy McCall Votes 175
Spoiled Ballots Votes 5
Total Votes 2,237
Welcome to Officer Beyna as he joins the Retirement Board!

2016 1099R
Tax Form Update

2016 1099R Tax Form Update - Please note, the state of Illinois allows for a voluntary withholding option on pension plan payments. As a result, Northern Trust Benefit Payment Services updated their system to accommodate this withholding option last year. Therefore, wages are now being displayed in box 14 of Form 1099R. These wages are not taxable wages for retirement income in the state of Illinois. The data being displayed is for informational purposes only and is not being reported as income to the state of IL.

For any additional questions, please contact Northern Trust Benefit Payment Services at 312-557-9700 or consult your tax advisor.

Pension Advisor

Executive Director Icon Spring 2017 Issue No. 59
On-Line News Letter Available For Download
[Download Link]

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.

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

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

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.

Fund News

Job Openings

Comptroller

The Office will Be Closed

Veterans Day (Observed)
  • Friday, November 10th 2017
  • 2017 Holiday Schedule

    Upcoming Meeting Dates

    Investment Committee Meeting
    Monday, October 23rd 2017 at 9:00am
    CANCELED

    Retirement Board Meeting of
    Thursday, October 26th at 9:00am

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

    [Visit the meetings page for the schedule]
    [Agenda Index and Summary]
    [Hearing Schedule]

    Hearing Schedule

      HEARING SCHEDULE
    • 10:00am Ricardo Storey (Occupational)
    • 10:30am Matthew Lipman (Status)
    • 11:00am Michael Gallagher (CFOS)

    Site Links

    Investment Meeting Web Estimate News Letter

    Annuity Direct Deposits for 2017 are as follows:
    • February 28; annuity for February
    • March 31; annuity for March
    • April 28; annuity for April
    • May 31; annuity for May
    • June 30; annuity for June
    • July 31; annuity for July
    • August 31; annuity for August
    • September 29; annuity for September
    • October 31; annuity for October
    • November 30; annuity for November
    • December 29; annuity for December

    2017 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. [Seminar Dates]

    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, March 7th
  • Tuesday, April 25th
  • Tuesday, October 3rd
  • Tuesday, November 7th
  • 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...