Welcome to the Policemen's Annuity and Benefit Fund of Chicago
TRUSTEE ELECTION HELD OCTOBER 23, 2014
The Fund's Election Committee is pleased to report that the elections for the Trustee positions of (1) Sergeant and (2) Lieutenant and ranks superior thereto are now complete. Lieutenant Maloney was unopposed in his election, so he will continue his Trustee responsibilities. Congratulations to Lieutenant Maloney!
For the Sergeant election, the final vote count was as follows:
Brian Wright 323 votes
Michael Lazzaro 205 votes
Congratulations to Sergeant Wright! He will continue his Trustee responsibilities. The Fund's Election Committee thanks all the candidates for their efforts and participation in the election process.
EXECUTIVE DIRECTOR’S REPORT
NEW COMPTROLLER FOR THE FUND:
I am pleased to report that the Fund has hired James A. Dollard (Jim) as the Comptroller, effective July 16, 2014. Jim brings to the Fund many years of experience as a chief financial officer with a variety of organizations, along with extensive experience at an independent accounting firm. Jim’s breadth of experience and management of many diverse business functions is a wonderful addition to the administration and oversight of the Fund. Jim is a Certified Public Accountant (CPA) and a member of the American Institute of Public Accountants and the Illinois CPA Society. We welcome Jim to the Fund and look forward to his leadership in this important position.
CHANGES TO RETIREE
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
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).
DENTAL AND VISION PROVIDERS
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.
UPDATE FROM THE FUND COMPTROLLER
Since my appointment as Fund Comptroller on
July 16, 2014, I have had the great pleasure of
learning more about the Pension Fund and its
distinguished affiliation. It is truly an honor and
privilege to serve such a devoted and exemplary
member group. As such, I am wholeheartedly
committed to providing you with the dedicated
service you have earned as well as accurate and
timely information to satisfy your pension needs. I
am extremely proud to serve you and the City of
The Fund’s management is pleased to report that the audit of the Fund’s financial statements as of and for the year ended December 31, 2013 has been completed. Consistent with prior years, the Fund received an unqualified opinion (also referred to as a “clean” opinion) from the Fund’s independent auditors on the 2013 financial statements. Please visit the Fund’s website at www.chipabf.org and click-on the “Financial Reports” link to view the most current Audited Financial Statements, Actuarial Reports, and CAFR Reports (CAFR stands for Comprehensive Annual Financial Report).
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]
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.
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.
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The Office will Be Closed
Upcoming Meeting Dates
Monthly Investment Meeting
Board of Directors Meeting
Friday, December 19th, 9:00am
Hearing List for November 25th, 2014:
- Foley, Kathleen 9:30 AM Status Review
- Benigno, Lisa 9:50 AM Status Review
- English, Declan 10:10 AM Status Review
- Murphy-Webb, Margaret 10:30 AM Status Review
Contacting the Office
Directions to Our Office [More]
The Summer 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.