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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 […]
What if I am being mandatorily retired and have between 10 and 20 years of service?
In this situation, you will receive an annuity calculated by multiplying 30% time your average salary for the 4 highest consecutive years of the last 10 years of service, plus 2% for each completed year of service or fraction thereof in excess of 10, with a cap of 48% of your average salary.
Is there a significant financial difference in my annuity if I retire with 19 years, 11 months versus retiring with 20 years?
Yes. Currently, an officer who retires after accruing 20 full years of service credit will receive a Formula Annuity of approximately $2,000 per month more than an officer who retires with only 19 years and 11 months and receives a Money Purchase Annuity. In addition, the officer receiving a Money Purchase Annuity will NOT be […]
How is the Money Purchase Annuity calculated?
A Money Purchase Annuity is calculated by taking the sum of your accumulated pension contributions (7% out of your pensionable salary) plus 10% of the city’s contribution toward your pension for each year or partial year of service beyond 10 years. The sum of the contributions is divided by a factor at your date of […]
If I have 19 years and 1 day of service, does that round up to 20 years of service, thereby making me eligible for the Formula Annuity?
No. If you are a Tier 1 member, you must complete 20 years of service, after all lost time is taken into consideration, before becoming eligible for a Formula Annuity.
How is the Formula Annuity calculated?
A member’s tier determines their “Formula Annuity” calculation.
How is the Formula Annuity calculated?
A member’s tier determines their “Formula Annuity” calculation.
If I have less than 10 years of service, am I still eligible to receive a monthly annuity?
No. If you have less than 10 years of service credit with the Fund, you are not eligible for an annuity at retirement. You will need to apply to the Fund to receive your contributions in a lump sum payment.