Welcome to the Policemen's Annuity and Benefit Fund of Chicago
EXECUTIVE DIRECTOR’S REPORT
As health insurance continues to be a very important
matter for all members, I would like to
remind all members of a few essential matters:
1) All insurance change requests must be in writing, signed by the member. Currently, the Benefits Management Office of the City of Chicago requires a 30-day cancellation notice, so please forward all insurance change requests to the Fund offices at least one month prior to the requested change. A signature of the member MUST be included on the request. The signature helps the Fund’s staff ensure the authenticity of the request. Requests without a signature must be returned to the member and will ultimately delay processing.
2) Medicare changes and the related premium changes can only be made after the member submits a copy of his or her Medicare card to the Fund’s staff. The Benefits Management Office requires a 30-day notice for any member in which Medicare will be the primary coverage for himself/ herself and/or his or her spouse. As an example, if a member will be eligible for Medicare coverage effective July 1, 2015, the Fund’s staff MUST receive the Medicare card and a written signature requesting the coverage change, by June 1, 2015.
3) For any members currently receiving free coverage, meaning coverage in which the employer contributes the full cost of coverage for the member and his/her dependents, this coverage ends when the member reaches Medicare age, which is currently 65. At that time, without proof of Medicare eligibility, the member will be charged the FULL COST of coverage, which can be very expensive. It is therefore very important that SEVERAL months prior to reaching Medicare age, each member makes application for Medicare benefits and forwards his/her Medicare card to the Fund’s staff as quickly as possible. As an example, if a member provides the Fund’s staff a Medicare card and change request on July 20, 2015, that change will not be effective until September 1, 2015. 30-day notice is required, per direction of the Benefits Management Office!
We have heard that application for Medicare cards can take as long as ten weeks, so please plan accordingly. The Fund’s staff cannot make changes to coverage without a member’s Medicare card and a change request. Thank you for your cooperation with these deadlines as the Fund’s staff works to effect all changes as quickly as possible for all members.
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.
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.
The Office will Be Closed
Office Early Close
Upcoming Meeting Dates
Investment Committee Meeting
Monday, July 27th, at 9:00 am
Retirement Board Meeting of
Thursday, July 30th, at 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.
for July 30th
- 10:00am Michael Alesia
- 10:20am Daniel Hauser
- 10:40am Vasilios Kefalas
- 11:00am Kelly Hespe
- 11:30 Alexis Willett
(PO Michael Pease)
- 12:30pm Sandy Harris
(PO David L. Harris)
- 12:50pm Michael Saladino
- 1:10pm Ryan O’Donnell
- 1:30pm Rafael Rodriguez, Jr.
- 1:50pm Michael Terrano
Child’s Annuity Claim
Compensation Widow’s Annuity Claim
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.