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

MESSAGE FROM
EXECUTIVE DIRECTOR

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.

RETIREMENT PAYDATES

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.

Pre-Retirement Seminars