Welcome to the Policemen's Annuity and Benefit Fund of Chicago
The Fund is pleased to report that retroactive pension calculations for Sergeants have begun. The Fund has received the current salary scales for Sergeants, and the pension, disability and survivor benefits for those Sergeants that retired after June 30, 2012, are in the process of being recalculated. Please note that these calculations are done individually; and thus the Fund’s staff estimates that all calculations should be complete within a three-month time period. Retired Sergeants will receive an updated pension amount at the end of either April, May or June, which will follow with a letter indicating the new pension amount and a payment reflective of the difference between the original calculated pension and the revised amount. The Fund’s staff is working diligently to calculate each revised pension accurately. We will also be starting the retroactive calculations for Lieutenants and ranks superior to Lieutenant, once we receive some final information on salaries. We appreciate your patience and should you have any questions about your retroactive pension, please contact the Fund’s offices.
The Fund is also in the midst of the year-end audit procedures on the 2013 financial statements. The Fund’s actuaries are compiling the 2013 actuarial valuation report and the Fund’s independent auditors are auditing the December 31, 2013, financial statements, as prepared by the Fund’s staff. These two important financial documents will be posted on the Fund’s website when they are complete, which should be no later than the end of June. Please note that while the Fund works to complete these 2013 financial statements, the individual benefit statements to active members are simultaneously prepared. These statements will also be mailed to members, at the home address on record, in the summer months. For active members, please make sure that your employer has your most recent address, to ensure that your benefit statement is mailed to the proper address.
The Fund’s staff wishes to thank the active members for all of your hard work during such a brutal winter season. We hope that the retired members were able to enjoy some well-deserved rest and relaxation away from the snow and cold during this long winter.
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:
April 30, May 30, June 30, July 31, August 29, September 30, October 31, November 28, 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.
HEALTH CARE COSTS
If you have a premium deduction withheld from your pension check, you have already received notice from the City’s Benefits Management Office that the rates for the Blue Cross/Blue Shield PPO Plan are changing effective January 1, 2014.
New Insurance Rates
Please review the chart to determine your new monthly rate [HERE], which shall be deducted from your December 2013 annuity payment. If you do not find your status or status combination on the chart, you may view the complete page [HERE]
Effective January 1, 2013, the Fraternal Order of Police Lodge #7 contracted with a new provider for retiree group dental/vision coverage. The new provider is Delta Dental of Illinois. The Fund does not contract with any agencies to provide insurance coverage for retirees, this service is performed by the Fraternal Order of Police or the City of Chicago (in the case of group medical coverage). However, upon approval by the Board of Trustees at the January 31, 2013, meeting, the Fund is now forwarding all pension deductions for dental and vision benefits to Delta Dental. The Fund does not administer this benefit. The administrator of all dental and vision benefits is now Delta Dental and any changes desired to coverage levels must be made through Delta Dental. Their phone number is 1-800-323-1743. Any changes made with Delta Dental are then communicated to the Fund in a monthly data file, so that the appropriate deductions are made from each retiree's pension payments. Should there be any questions on dental or vision coverages, premiums, explanation of benefits, etc., please contact Delta Dental, the administrator of the plan.
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.
TAXES & 1099Rs
Prior to January 31, 2014, the 2013 IRS Form 1099R will be mailed to recipients of annuities, ordinary disability benefits, death benefit payments and lump sum distributions. This form contains the information needed to file the appropriate 2013 tax return.
For those of you residing outside the State of Illinois, you should contact the local State Department of Revenue to determine the taxability of your annuity payments in that State.
As provided by statute, a cost of living adjustment for eligible retired employees will be reflected in the annuity payment for January 2014 to be dated January 31, 2014. This increase is based on a percentage of the original annuity granted at retirement. These increases pertain only to retired employees, born before 1/1/1955, who have attained age 55 or over and have been retired for at least 13 months.
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The Office will Be Closed
Upcoming Meeting Dates
Monthly Investment Meeting
Tuesday, August 26th, at 9:00am
Board of Directors Meeting
Thursday, August 28th, at 9:00am
Hearing List for August 28th, 2014:
Contacting the Office
Directions to Our Office [More]
The Spring 2014
News Letter is Now Available For Download
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 MembersWhen 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.
A HISTORY OF THE FUND
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.