Lieutenant James P. Maloney, Elected Trustee • Recording Secretary • Chairman of the Investment Committee
INVESTMENT & RETIREMENT UPDATESFirst of all I want to congratulate all our retirees for 2016. Thank you for your years of service to the Citizens of Chicago. I also want to thank our hardworking staff at the Pension Fund for their service and devotion.
I want to welcome our new Chief Investment Officer (CIO), Aoifinn Devitt. She joined our Fund in April of 2016. She is an extremely competent and knowledgeable investment professional. I look forward to working with her. All the investment managers who have met with her tell me we have a great person with her and she is very smart.
Sgt. Brian E. Wright #1575, Trustee • Vice-President
THE MAYOR DOES IT AGAIN!
As I am sure many of you are aware, the Mayor was able to successively “kick the can down the road” again when he maneuvered to have Governor Rauner’s veto overridden. Governor Rauner vetoed Senate Bill 777 and was then overridden by votes in the State Senate and House. Senate Bill 777 saved the City the increased payments from 2016 through 2020 that are the Actuarially Required Contribution (“ARC”) payments. The ARC payments do not kick in until 2021 through the legislation. Also, the old law required the Fund be 90% funded by 2040. SB777 extends that until 2055.
When Governor Rauner vetoed the bill, he cited the increased cost to the City, and taxpayers, over time, even though there was short term savings. If you are a regular reader of our newsletter maybe you remember when I made the exact same observation in December of 2013:
P.O. Michael K. Lappe, Elected Trustee
“NOT ON OUR DIME!”
Hello to All,
My colleagues here at the fund have written current information of the state of our pension, so I will not re-hash what you may have just read. I’ll bring you up to speed with what seems to have taken on a life of its own; pension fraud.
As some of you may know and figured out, the Pension Board of Trustees have been taking a hard look at any and all disability cases. By state statue, the Fund is mandated to bring each person who is receiving a disability benefit in throughout the year for an updated medical evaluation. During my four years as your elected trustee, the Board of Trustees has terminated the disability benefits of 46 individuals after medical testimony was presented through the officer’s lawyer(s). Some have chosen to retire, some have returned to work, and a few have quit all together and took a refund of their contributions. This can be translated into millions of dollars that you the hard working officer who contributes 9% of your weekly income would have been paying for these individuals as business as usual. A few of these cases were out and out fraud.[Full Article]
Kenneth A. Hauser, Elected Trustee • President
DATA UPDATES AND MORE…
I hope we are going to have as nice a summer as the winter. The total number of active police officers making monthly annuity contributions to the Pension Fund is 12,007 as of May 31, 2026. This breaks down to 2719 females and 9288 males. The total number of police officers hired during 2015 was 441 of which 94 were female and 347 were male. The total number of police officers who left the Police Department during 2015 was 456. Of the 456 police officers, 1 officer died while on the job, 7 officers were discharged, 3 probationary officers were discharged, 38 police officers chose to resign without a pension, and 406 officers completed their career and retired with a pension. The rank breakdown of the 406 officers is 323 under the rank of Sergeant, 56 Sergeants, 19 Lieutenants, 2 Captains and 6 Exempt rank. The total number of officers on disability is 285 which breaks down to 202 on duty disability, 38 on ordinary disability, 30 on occupational heart disability and 15 on total and permanent disability. The breakdown of active officers (12,007) will not be exact because I am not listing every position. Totals of each rank/position are approximate: 9288 Patrolman, 887 Detectives, 1111 Sergeants, 213 Lieutenants, 32 Captains, 35 Commanders, 4 Chiefs, 16 Deputy Chiefs, 24 Canine Handlers, 85 Evidence Technicians, 40 Explosives Technicians, 26 Marine officers, 20 Mounted officers, 117 Field Training officers and 20 Traffic Specialists. A total of 12,647 annuitants are receiving approximately $58 million in benefits monthly from the Pension Fund as of May 31, 2016. 9504 are retired police officers and 3143 are widows/widowers. For the month of May 2016, the average retiree was 56 years of age with 27 years and 5 months of service.
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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