CHANGES TO RETIREE DENTAL AND VISION PROVIDERS
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).
Just a reminder; for any changes you need or want to make to an address, banking information or tax changes, the printable forms are available on our website, (See Links Below) As always, any change must be accompanied by your signature. We ask that you complete the appropriate form, sign and return it to our office. Your signature is required to assist in deterring fraud of any nature.
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
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.
As provided by statute, a cost of living adjustment for eligible retired employees will be reflected in the annuity payment for January 2014 to be dated January 31, 2014. This increase is based on a percentage of the original annuity granted at retirement. These increases pertain only to retired employees, born before 1/1/1955, who have attained age 55 or over and have been retired for at least 13 months.
2015 RETIREE HEALTH CARE COSTS
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.
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