Welcome to the Policemen's Annuity and Benefit Fund of Chicago
◊ SPECIAL NOTICE ◊
Per Illinois Statutes, the terms of two
members of the Retirement Board of the Policemen’s Annuity and Benefit Fund will be expiring November 30, 2015.
One (1) member who represents the Annuitants & One (1) Member who represents the active members of the Police
Department of the rank of Patrolman, Investigator, or equivalent rank will be subject to election. On Thursday, October 22, 2015, an
election will be held for these positions. Only ballots received in the post
office lock box by 9:00am, Thursday, October 22nd will be counted.
•Follow this link for more information•
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.
Sufficiency HearingBoard Sufficiency Hearing to be held on Thursday, October 1st, 2015, at 9 a.m. to approve the candidates and ballots for the two upcoming Trustee Positions. Terms expire November 20, 2015.
As the Fund enters 2015, the most significant project at the top of the “to-do” list for staff is the retroactive pension adjustments that will be paid to any retired and disabled members with active service after July 1, 2012. The Fund has well over 1,000 calculations that need to be completed. Each calculation is done individually and independently. Unfortunately, there is NOT a one-step “go” button to prepare and complete these calculations. While the Fund’s staff will work with utmost urgency to get all retroactive adjustments calculated as soon as possible, the estimated timeframe to complete all calculations is approximately one year. Please note that in an effort to keep administrative costs very low, the benefit analyst group is a very lean group of hard working professional staff. This group will be calculating the retroactive adjustments, but they also will continue to process current retirements, disability applications, widow applications and resignation refunds. Your patience during this process is greatly appreciated!
2015 BENEFIT PAY DATES
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:
January 30, February 27, March 31 April 30, May 29, June 30, July 31, August 31, September 30, October 30, November 30, 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.
The Office will Be Closed
Upcoming Meeting Dates
Thursday, October 1st, 2015, at 9 a.m.
Investment Committee Meeting
Wednesday, October 21st, at 1:00 pm
Retirement Board Meeting of
Monday, October 26th 9:00 am
As a reminder, the meetings of the Retirement Board trustees are always open to the public. We appreciate the interest and welcome all attendees.
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] For Qualifications for a CPD officer to attend [LINK]
Contacting the Office
Directions to Our Office [More]
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.