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

Attention all snowbirds!

The deadline for any changes to where your 1099 will be mailed to in January is December 1st!

If you are not sure if your mailing address is current with the Pension, or if you want your 1099 mailed directly to your winter house, please contact the Pension Fund immediately. All changes to your mailing address must be done in writing so time is of the essence!

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

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.