Welcome to the Policemen's Annuity and Benefit Fund of Chicago
Tax Form Update
2016 1099R Tax Form Update - Please note, the state of Illinois allows for a voluntary withholding option on pension plan payments. As a result, Northern Trust Benefit Payment Services updated their system to accommodate this withholding option last year. Therefore, wages are now being displayed in box 14 of Form 1099R. These wages are not taxable wages for retirement income in the state of Illinois. The data being displayed is for informational purposes only and is not being reported as income to the state of IL.
For any additional questions, please contact Northern Trust Benefit Payment Services at 312-557-9700 or consult your tax advisor.
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.
Mandatory Signature Verification for Annuitants
The Fund sent a mandatory signature verification form to all annuitants in early March. All responses received have been recorded into the Fund’s system and signature verification continues. For those who have not yet responded, a second and final verification form was recently sent. Please respond ASAP to avoid any disruption in payment.
As staff reviewed the many signature verification forms received, many changes were noted, including address modifications, new phone numbers and power of attorney requests. Please make sure that you keep the Fund’s staff updated on these important changes, so that all communication sent to each annuitant is received.
2017 BENEFIT PAY DATES
The Fund’s staff is aware that retirees like to keep track of the dates their annuity will be electronically deposited each year.
It is recommended that all retirees take advantage of having direct deposit. It is the safest and most secure method of receiving a monthly annuity on a known date.
Annuity distributions are on the last business day of each month which is the earned annuity for that month.
Annuity Direct Deposits for 2017 are as follows:
- February 28; annuity for February
- March 31; annuity for March
- April 28; annuity for April
- May 31; annuity for May
- June 30; annuity for June
- July 31; annuity for July
- August 31; annuity for August
- September 29; annuity for September
- October 31; annuity for October
- November 30; annuity for November
- December 29; annuity for December
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.
The Office will Be Closed
Upcoming Meeting Dates
Investment Committee Meeting
Wednesday, February 22nd 2017 at 9:00am
Retirement Board Meeting of
Friday, February 24th at 9:00am
As a reminder, the meetings of the Retirement Board trustees are always open to the public. We appreciate the interest and welcome all attendees.
Hearing Schedule for February
- 9:45am Ryan O’Donnell
(Remand to Board for Limited Review)
- 10am George Dovin (Duty & CFOS)
- 10:30am Jennifer McClendon (Status)
- 11:00am Kevin Osborn (Duty)
- 11:30 Joshua Weitzman (Duty)
- 12:30pm Samuel Rawls (Duty)
Michelle Turney (Status)
Peter Piper (Status)
2016 Pre-Retirement Seminars
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.