Welcome to the Policemen's Annuity and Benefit Fund of Chicago
Special Election for Trustee Position
Trustee Michael Lappe will reach mandatory retirement in July of this year and will be retiring as an active officer with the Chicago Police Department, and as a Trustee of the Fund. Per the Illinois Compiled Statutes, a special election will be held within 30 days of the vacancy of Trustee Lappe. Pick up of petitions for this trustee position, which represents the rank of patrolman, investigator or equivalent rank, will tentatively begin in mid-June. More information will be forthcoming.
Tax Form Update
2016 1099R Tax Form Update - Please note, the state of Illinois allows for a voluntary withholding option on pension plan payments. As a result, Northern Trust Benefit Payment Services updated their system to accommodate this withholding option last year. Therefore, wages are now being displayed in box 14 of Form 1099R. These wages are not taxable wages for retirement income in the state of Illinois. The data being displayed is for informational purposes only and is not being reported as income to the state of IL.
For any additional questions, please contact Northern Trust Benefit Payment Services at 312-557-9700 or consult your tax advisor.
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.
Attention All members, Active, Retired and Surviving Spouses;
As life events occur, relocations, marriages, births, deaths, divorce, etc. you should keep the Pension Fund updated of any and all changes. This is to assure you received news, updates and/or tax forms in a timely fashion.
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.
2017 BENEFIT PAY DATES
The Fund’s staff is aware that retirees like to keep track of the dates their annuity will be electronically deposited each year.
It is recommended that all retirees take advantage of having direct deposit. It is the safest and most secure method of receiving a monthly annuity on a known date.
Annuity distributions are on the last business day of each month which is the earned annuity for that month.
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.
Job OpeningsFinancial Crimes/Disability Case Clerk
The Office will Be Closed
Upcoming Meeting Dates
Investment Committee Meeting
Monday, April 24th 2017 at 9:00am
Retirement Board Meeting of
Thursday, April 27th at 9:00am
As a reminder, the meetings of the Retirement Board trustees are always open to the public. We appreciate the interest and welcome all attendees.
Hearing Schedule for April 27th
- 10:00 George Dovin (CFOS & Duty)
- 10:45 Jason Villarreal (CFOS)
- 11:00 Matthew Fencl (Duty)
- 11:30 Vadim Danilov (Duty)
- 12:30 Diana Enderle (Duty)
- 1:00 Victor Vaccaro (Occupational)
Terese Flynn (Status)
Rickey Williams (Status)
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Annuity Direct Deposits for 2017 are as follows:
- February 28; annuity for February
- March 31; annuity for March
- April 28; annuity for April
- May 31; annuity for May
- June 30; annuity for June
- July 31; annuity for July
- August 31; annuity for August
- September 29; annuity for September
- October 31; annuity for October
- November 30; annuity for November
- December 29; annuity for December
2017 Pre-Retirement Seminars
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]
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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 500,000 or more.