Welcome to the Policemen's Annuity and Benefit Fund of Chicago
In the Fall of 2014, the City of Chicago mailed letters and notification to annuitants that participate in retiree healthcare through the City of Chicago's retiree healthcare programs. In summary, these notifications indicated rate increases for 2015 group health insurance and allowed non-Medicare retirees the opportunity to opt-out of the existing plan (also known as the yellow plan) into different plans (also known as the orange, blue and purple plans), which may better meet annuitant needs of provider access, out-of-pocket expenses and premium costs. Medicare eligible retirees remained in the same plan. All continuing coverages included premium increases with the exception of retirees born on/after January 1, 1909 and on/before December 31, 2013. The higher premium costs are reflected in the December 2014 earnings statements sent to all annuitants, under "Deductions" category. Please note that healthcare premiums deducted from the December 2014 annuity are used to pay for January 2015 coverages. Information regarding the healthcare changes and relating plan information can be found at the following website (City of Chicago) or please contact the City's benefit services at 1-877-299-5111. Should you wish to cancel your retiree healthcare insurance, you must submit a signed written request to PABF via mail or fax at 1-312-726-3216. Per the City of Chicago's direction, a minimum 30-day notice is required for healthcare insurance cancellations.
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.
2015 DENTAL AND VISION
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 does 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).
Chief Investment Officer (CIO) Search
The Fund is seeking applications for a Chief Investment Officer. This is a full-time position at the Fund, which reports directly to the Fund's Board of Trustees. The office of the Chief Investment Officer is located at the Fund's offices in Chicago. Please see the attached for a complete job description, along with information on where to submit a complete application. Please note that the application deadline is Monday, February 16th, 2015, at 4pm.
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).
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
Wednesday, January 28 at 9:00 am
Board of Directors Meeting
Thursday, January 29 at 9:00 am
Hearing List for
- 10:00am Richard Mack
- 10:30am Gwenda Roberison
- 11:00am Andres Barrezueta
- 11:30am Kathleen Antonacci
- 12:30pm Declan English (Status Hearing)
- 12:50pm Lisa Benigno (Status Hearing)
- 1:10pm Lynda Reid (Status Hearing)
- 1:30pm Perry Whiteside (Status Hearing)
Contacting the Office
Directions to Our Office [More]
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.