What if a participant dies before collecting retirement benefits equivalent to or greater than the contributions made by the participant? What happens to the contributions?
In general, retired participants will collect an amount greater than their contributions within two to three years of retirement. However, in the event a retired member dies before accumulated pension contributions are paid to him or her, the remaining contributions will be refunded to his or her spouse, children, or Estate as named in either […]
How do I apply for a refund?
If you are seeking a refund of your contributions, please contact the Fund and request a refund application. In addition to submitting the application for refund, you will be required to provide written confirmation from the CPD of your resignation or termination.
Why are you withholding money for a spouse if I am not married?
The Illinois Pension Code requires contributions towards a widow’s annuity regardless of your marital status while you are a member. If you do not have an eligible spouse on your retirement date, these contributions will be refunded to you.
Can participants take a loan out against their contributions?
The Illinois Pension Code does not permit participant loans or partial withdrawals.
Are pension deductions taken on all wages paid to participants?
Pension deductions are taken only on the annual salary attached to the permanent career service rank held by the participant including payments for Duty Availability, or the salary attached to the exempt rank position held by the participant.
If I am divorced, is my ex-spouse entitled to any benefits?
The Fund does not provide legal advice about division of marital and retirement assets. However, this Fund is subject to Qualified Illinois Domestic Relations Orders (“QILDRO”) pursuant to the Illinois Pension Code. A QILDRO may require this Fund to pay all or a portion of a participant’s retirement benefits to an “alternate payee”. An alternate […]
Can I use deferred compensation funds to purchase prior service credits?
Yes. Current federal law allows fund-to-fund transfer or rollover of 457 deferred compensation plan assets to this Fund to purchase service credits.
How do I get another copy of my annual contribution statement?
The contribution statements are printed and mailed by Northern Trust Bank and cannot be re-issued. The Fund can provide you with an alternative form of payment verification upon request.
Am I eligible for healthcare when I retire?
Your age at retirement along with your status in the City of Chicago health insurance plan determine whether you are eligible to participate in the City of Chicago health insurance for retired police officers. You will find detailed information on the Planning for Retirement page.
Does lost time affect my years of service?
Yes. Any lost time you incur must be deducted from your years of service credit. Please contact the Fund to request a manual review of your lost time at least 90 days BEFORE you submit your PAR form through the CLEAR system to the CPD. Once you submit your CLEAR form, you may not be […]