TRUSTEES’ CORNER

Sgt. Brian E. Wright #1575, Trustee • Recording Secretary

Policemens

PENSION OBLIGATION BONDS

Recently the City of Chicago has introduced a plan to borrow pension obligation bonds (POBs) of $10 billion dollars. This is good news for the pension funds. While we do not know exactly how the money would be distributed, we would like for the City to distribute the money to the funds immediately. If the City can issue POBs at a lower interest cost than what’s required for pension debt, and uses all the proceeds from those POBs to pay down pension debt, the funded ratio of its pension systems would immediately increase, and the interest rate differential would save taxpayers money. The more money the funds have to invest, the more money can be made and correspondingly, the higher the funded ratio gets.

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P.O. Thomas Beyna, Elected Trustee

Policemens
DISABILITY BENEFIT APPLICATION

There are often questions when an officer needs to make an application for disability so I would like to take this opportunity to explain the process. Hopefully you will never need to apply for a disability benefit but unfortunately in our line of work injuries occur and as we get older we are more susceptible to illness. In the event of an injury or illness, every officer is entitled to 365 days of medical time for each injury on duty and 365 medical days for a nonduty illness or injury within a two-year period. It is important to keep track of your medical time used and start the application process when you have approximately two months of medical time remaining. Understand that there will be a period of time when you are without income as you transition from the active payroll to disability benefits. This period can last from 6 weeks to several months depending on the length of time it takes to complete the application process, physician appointments, and number of cases waiting to be heard before the Board.

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Kenneth A. Hauser, Elected Trustee • President

Policemens

For the past twenty-five years I have been honored to serve as a Trustee on the Chicago Police Pension Fund. This milestone seems an appropriate time to move on to other aspects of retirement (as my wife wholly agrees). I have, therefore, chosen not to seek another term as Pension Fund Trustee.

Over the years, there have been many issues and challenges which I have always approached with the best interests of my fellow officers/ retirees and their families in mind. I want to thank all the Pension Fund staff for their years of dedication and especially all the Trustees that I have served with during these past twenty-five years. In addition, I would like to thank all those who placed their trust in my ability to represent them and wish all a long and healthy future.

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Lieutenant Edward M. Wodnicki, Elected Trustee

Policemens

Pension Advisor is a publication of the Policemen’s Annuity and Benefit Fund. You will be receiving a copy to update you on the matters that affect your pension and the concerns of active police officers, retirees and widows that make up our membership. If you have a question about your pension or the Fund, or, if there is a particular issue you would like to see addressed, please feel free to send a note to:

POLICEMEN’S ANNUITY AND BENEFIT FUND
PENSION ADVISOR
221 North LaSalle Street – Suite 1626
Chicago, IL 60601