Lieutenant James P. Maloney, Trustee • Recording Secretary
I want to congratulate all our recent retirees. May you enjoy a long retirement. The Chicago Police Lieutenant’s Association Web Site is undergoing changes, please be patient. All retired Lieutenants, contact Terry McMahon, our retiree representative and update your email and contact info for the Lieutenants Association, this is not for the Pension Fund. email@example.com
The Pension Fund has hired additional administrative staff; we all look forward to working with them and having them work with you.
Here are some numbers, as of this article: Retirees for 2014 were 350, the total retirees for 2013 were 406 and for 2012 there were 570.
Sgt. Brian E. Wright #1575, Trustee • Vice-President
The City is obligated to make a payment of approximately $600 million dollars in 2016 as the statute currently stands. The City proposed a bill in Springfield that lowers that payment to around $445 million in 2016. The bill was supported by our unions only if it had a companion bill that would authorize a Chicago casino wherein the profits would be paid directly to the Police and Fire pension funds. The reduced payment bill sits on Senator Cullerton’s desk while the casino bill has yet to be proposed and is in legislative limbo right now.
When asked what we will get paid and when will we get paid in 2016, the City trustees stated that the initial payment in 2016 will be under the old multiplier of 2 to 1 and will be paid in March or April of 2016. This means the fund will get approximately $95 million by Spring of 2016. The balance will then be paid in October or November of 2016. However, the City does not know what that balance will be. It will either be $350 million ($445 million – $95 million) or $505 million ($600 million – $95 million) depending on the current law by the fall of 2016. The City is banking on the law passing. If it does, I hope there is a casino bill along with it.
P.O. Michael K. Lappe, Trustee
“A LOOK INTO THE
PENSION FUNDS OFFICE”
Hello to all; One of our administrative staff members who facilitates the Pension News Letter has been after me to submit an article by her deadline. After thinking about what would be relevant and interesting to you, I decided not to write about the pension crisis, lack of funding, court rulings, hearsay talk loaded with rumors and bogus information, insurance premiums’ going through the roof and last but not least the Fund going broke within 6 to 10 years.
I believe that you should get an inside peek what
the Fund goes through each and every day, the
never ending phone calls each day, not to mention
the Board meetings when officers sit before the
Board with their attorney and present their evidentiary
documents why they should be entitled
to a duty disability benefit.
NOTE: THERE ARE CASES THAT ARE 100% LEGITIMATE. MYSELF and THE OTHER BOARD MEMBERS HAVE NOTHING BUT PRAISE FOR THE MEMBER’S ACT OF HEROISM and ACT OF BRAVERY DURING THEIR PERFORMANCE OF DUTY.
Kenneth A. Hauser, Trustee • President
PENSION FUND UPDATES
On October 22, 2015, the ballots were counted for the Pension Board election of Trustees. There were 5,845 votes cast for the Annuitant Trustee representing all retirees and widow/ers. I received 4619 votes, which overwhelmingly re-elected me to a three-year term of office. I’d like to thank you for your vote of confidence! My new term of office began on December 1, 2015 and will extend until November 30, 2018.
The Policemen’s Annuity and Benefit Fund sent out a Holiday 13th check of $500 to all minimum annuitants on December 4, 2015. The definition of a minimum annuitant is: widow/er is receiving $1000 monthly or less and retired police officer annuitant is a police officer who began receiving an annuity of $1050 monthly or less. This 501c3 gift is not taxable to you. I hope this gift will bring some holiday assistance to you.
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Pension Advisor is a publication of the Policemen’s Annuity and Benefit Fund. You will be receiving a copy to update you on the matters that affect your pension and the concerns of active police officers, retirees and widows that make up our membership. If you have a question about your pension or the Fund, or, if there is a particular issue you would like to see addressed, please feel free to send a note to:
POLICEMEN’S ANNUITY AND BENEFIT FUND
221 North LaSalle Street – Suite 1626
Chicago, IL 60601