Welcome to the Policemen's Annuity and Benefit Fund of Chicago

EXECUTIVE DIRECTOR’S REPORT

NEW COMPTROLLER FOR THE FUND:

Chicago Police Pension Office I am pleased to report that the Fund has hired James A. Dollard (Jim) as the Comptroller, effective July 16, 2014. Jim brings to the Fund many years of experience as a chief financial officer with a variety of organizations, along with extensive experience at an independent accounting firm. Jim’s breadth of experience and management of many diverse business functions is a wonderful addition to the administration and oversight of the Fund. Jim is a Certified Public Accountant (CPA) and a member of the American Institute of Public Accountants and the Illinois CPA Society. We welcome Jim to the Fund and look forward to his leadership in this important position.

CHANGES TO RETIREE
DENTAL AND VISION PROVIDERS
The Fraternal Order of Police (FOP) has advised the Fund that the retiree dental and vision plan provider will be changing effective October 1, 2014. As a reminder, the FOP is the plan sponsor of the voluntary retiree dental and vision program. The Fund, as an accommodation to the retired members, deducts vision and dental premiums from a retiree’s pension payments, based upon each retiree’s coverage elections. The Fund does not select the provider, establish premium rates, or manage the claim payments. The new provider of coverages is Source 1 Benefits (as administrator) and MetLife. Should you have any questions on coverages, premiums or even general matters relating to these changes or benefits, please contact Source 1 at 1-844-466-0883 or MetLife at 1- 800-438-6388 (for Dental related matters) or 1- 855-638-3931 (for Vision related matters).

RETIREES

Just a reminder; for any changes you need or want to make to an address, banking information or tax changes, the printable forms are available on our website, www.chipabf.org
As always, any change must be accompanied by your signature. We ask that you complete the appropriate form, sign and return it to our office. Your signature is required to assist in deterring fraud of any nature.

RETIREMENT PAYDATES

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:

April 30, May 30, June 30, July 31, August 29, September 30, October 31, November 28, 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.

COLA

As provided by statute, a cost of living adjustment for eligible retired employees will be reflected in the annuity payment for January 2014 to be dated January 31, 2014. This increase is based on a percentage of the original annuity granted at retirement. These increases pertain only to retired employees, born before 1/1/1955, who have attained age 55 or over and have been retired for at least 13 months.

UPDATE FROM THE FUND COMPTROLLER

Chicago Police Pension Office Since my appointment as Fund Comptroller on July 16, 2014, I have had the great pleasure of learning more about the Pension Fund and its distinguished affiliation. It is truly an honor and privilege to serve such a devoted and exemplary member group. As such, I am wholeheartedly committed to providing you with the dedicated service you have earned as well as accurate and timely information to satisfy your pension needs. I am extremely proud to serve you and the City of Chicago.
The Fund’s management is pleased to report that the audit of the Fund’s financial statements as of and for the year ended December 31, 2013 has been completed. Consistent with prior years, the Fund received an unqualified opinion (also referred to as a “clean” opinion) from the Fund’s independent auditors on the 2013 financial statements. Please visit the Fund’s website at www.chipabf.org and click-on the “Financial Reports” link to view the most current Audited Financial Statements, Actuarial Reports, and CAFR Reports (CAFR stands for Comprehensive Annual Financial Report).

TRUSTEE ELECTION TO BE HELD OCTOBER 23, 2014

Board Sufficiency Hearing

A Board Sufficiency Hearing to determine the eligibility of the candidacy of petitions will be held on Thursday, October 2nd at 8am at the Fund's offices.

For a term ending on November 30, 2017

According to State Statute, the terms of the elected members of the Retirement Board of the Policemen’s Annuity and Benefit Fund, who represent the rank Lieutenant or rank superior to Lieutenant and above; and Sergeants, both positions’ terms expire on November 30, 2014.

On Thursday, October 23, 2014, an election will be held to fill the vacancies. The election will be conducted in accordance with the rules adopted by the Retirement Board. Each candidate must be elected by his peers, the class rank to which he belongs. An independent accounting firm will supervise the election of all trustees and all balloting will be conducted through the U.S. Mail.

Petition Blanks may be obtained at the Board office on or after August 28, 2014, between the hours of 9:00 a.m. and 4:00 p.m.

Filing of Petitions:

The petition of each candidate for the class of rank of Lieutenant or rank superior to Lieutenant and above; and Sergeants must be signed by at least twenty-five (25) persons entitled to vote in the appropriate class of rank. Petitions must be filed between September 23, 2014, and September 29, 2014, between the hours of 9:00 a.m. and 4:00 p.m.

Detailed rules concerning the Trustee Election may be obtained on our website and/or at the Fund Office.

2014 RETIREE
HEALTH CARE COSTS

If you have a premium deduction withheld from your pension check, you have already received notice from the City’s Benefits Management Office that the rates for the Blue Cross/Blue Shield PPO Plan are changing effective January 1, 2014.

New Insurance Rates

Please review the chart to determine your new monthly rate [HERE], which shall be deducted from your December 2013 annuity payment. If you do not find your status or status combination on the chart, you may view the complete page [HERE]

MILITARY CREDIT

Sworn Police members are eligible to purchase up to 2 years pension credit for prior Active Military service. The application is on our website which 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.

Site
Links

Investment Meeting Web Estimate News Letter

Events

The Office will Be Closed

Columbus Day
  • Monday, October 13th
  • 2014 Holiday Schedule

    Upcoming Meeting Dates

    Monthly Investment Meeting
    Monday, October 27th, at 9:00am

    Board of Directors Meeting
    Thursday, October 30th, at 9:00am

    Hearing List for September 25th, 2014:

    • Mercado, Alan 10:00AM Status Review
    • Enriquez, Elizabeth 10:15AM Duty Claim
    • Ferraro, Patricia 10:45AM Duty Claim
    • Sieja, Thomas 11:15AM Duty Claim
    • Smith, Willie 11:45AM Status Review
    • McCourt, Joseph 12:30PM Status Review
    • Janda, Liane 12:50PM Status Review
    • Ali, Meer 1:10PM Status Review
    [Meetings Page]
    [Agenda Index and Summary]
    [Disability Hearing Schedule]

    Contacting the Office

    The office is open Monday through Friday 8:30am to 4:30pm.
    Phone (312) 744-3891... [More]
    The office is located at 221 North Lasalle Street, Suite 1626.. [More]

    Google Maps Directions to Our Office [More]

    Pension Advisor

    Executive Director Icon The Summer 2014
    News Letter is Now Available For Download
    [Download Link]

    Pre-Retirement Seminars

    Events image 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]

    Active Members

    When making plans for retirement we suggest attending a Pre-Retirement Seminar. The seminar is one-day which offers information on a variety of topics to assist in your future planning. Enrollment is conducted by contacting CPD Employee Resource Services Division at 312- 745-5342. There are certain qualifications required before enrolling.

    Pre-Retirement Seminars

  • Wednesday, March 19th
  • Tuesday, May 20th
  • Tuesday, July 22nd
  • Wednesday, October 22nd
  • A HISTORY OF THE FUND

    Former Chicago Police 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 50,000 or more.
    Read More...