Your date of retirement impacts when you can expect your first annuity payment. If your last day of employment with the CPD is on or before the 15th of the month, you can expect to receive your first annuity payment approximately 6 weeks after your effective retirement date. If your last day of employment with the CPD is after the 15th of the month, you can expect to receive your first annuity payment 8-10 weeks after your effective retirement date.
The Fund cannot calculate a final benefit amount until it receives from the City of Chicago the data from your final payroll. Upon receipt of final payroll data, staff finalizes your annuity calculation and provides it to the Board for its next monthly Board meeting. The Board reviews and approves applications once a month at its regularly scheduled Board meetings, generally the third or fourth Thursday of every month. Retirement Benefits are always paid on the last business day of each month.