planning for retirement

Once you determine your retirement date based upon your estimated benefits as of that date, accounting for all lost time. You will need to contact the CPD Personnel Division and complete a Personnel Action Request (PAR) form, also known as the Retirement Submission Receipt. The form must be approved and signed by you and your commanding officer.

Please remember service credit is always calculated after any reductions for lost time. Any know that lost time you incurred prior to January 1, 1993 may NOT be reflected in your current service. Prior to that date, service and contributions were reported on paper or microfilm records. If you are contemplating retirement within the next 90 days, please request that a manual review of your lost time be performed, BEFORE you submit your PAR form to the Department on the CLEAR system. Once you submit your CLEAR form, you MAY not be able to rescind your retirement. As previously noted, if you fail to satisfy the service requirement by as little as 1 day, your benefit amount may be $2,000/month lower than you anticipated. We recommend, at a minimum, that you work at least one full pay period past your anniversary date. If you have any questions regarding your lost time, please contact the Fund’s benefit calculations group at 312-235-4597 or by email benefits@chipabf.org.

How do I apply for my annuity?

1. Approximately 30 days prior to your retirement date let us know you plan to retire by sending an email to retirement@chipabf.org or calling 312-744-3891.

2. Provide the following information to the Fund (unless previously provided):

  • A printed copy of your Personnel Action Request (PAR) form (aka the “Retirement Submission Receipt”).The status must be approved and form must be signed by you and your Commanding Officer.
  • Documentation of life changes including certified copies of:
    – marriage certificates
    – birth certificates
    – divorce decrees
    – death certificates
  • Social Security Numbers for all dependents who will continue on your healthcare coverage.
  • A valid email address.

3. Once the Fund receives all the above information, you will receive a prepared Retirement Application by email. Upon receipt of the application, you will need to sign it, have it notarized and return it to the Fund as soon as possible.

What are my Health Insurance Options after Retirement?

Retiring before age 55: Members are eligible to continue their City of Chicago health insurance at their own expense for up to 18 months through PHSA/COBRA. For more information, contact the City of Chicago Benefits Management Office or 1-877-299-5111.

For FOP members and Sergeants, Lieutenants and Captains (retired prior to January 1, 2021):

  • Retiring at age 55 through age 59: Members are eligible to continue their City of Chicago health insurance, including covered dependents, at a cost of 2% of their annuity. This insurance ends when the member reaches the age for full Medicare eligibility, typically the 1st of the month prior to the retiree’s 65 birthday.
  • Retiring at 60 through age 63: Members are eligible to continue their City of Chicago health insurance, including covered dependents, at no cost. This insurance ends when the member reaches the age for full Medicare eligibility, typically the 1st of the month prior to the retiree’s 65 birthday.

For Sergeants, Lieutenants and Captains (retired after January 1, 2021):

  • Retiring at age 55 through age 59: Members are eligible to continue their City of Chicago health insurance, including covered dependents, at a cost of 3.5% of their annuity. This insurance ends when the member reaches the age for full Medicare eligibility, typically the 1st of the month prior to the retiree’s 65 birthday.
  • Retiring at age 60 through age 62: Members are eligible to continue their City of Chicago health insurance, including covered dependents, at a cost of 1.5% of their annuity. This insurance ends when the member reaches the age for full Medicare eligibility, typically the 1st of the month prior to the retiree’s 65 birthday.
  • Retiring at 63:  Members are eligible to continue their City of Chicago health insurance, including covered dependents, for free. This insurance ends when the member reaches the age for full Medicare eligibility, typically the 1st of the month prior to the retiree’s 65 birthday.

What are my health insurance options at the age of full Medicare eligibility?

Members who are Medicare eligible, have several plans available to them. The Fund simply serves as a conduit to collect and forward payment of premiums authorized by the member from the participant’s benefit check to most health care plans. Please see 2021 Healthcare Resources document for additional information.

The Fund serves only as a conduit to collect and forward payment of premiums authorized by the participant from the participant’s benefit check to eligible health care plans. The authorization forms necessary to process such payment of health care premiums are available on the Forms section of the website.
All questions concerning eligibility or plan coverage should be directed to the healthcare plan provider.

Planning for Retirement (Printable Document)
Health Insurance Resources