Page 11 - FOP May 2019 Magazine

ThirdVice President’s Report
The 411 on utilizing the 55-and-out benefit
Members who plan to use the 55-and-out benefit for retirement in 2020 must notify the department, via PAR form, no later than midnight Sept. 30.
To be eligible, members must be 55 and have at least 20 years of service by the desired retirement date.
If you need to change your retirement date, you can only go forward, not back. To change the date, com- plete a To-From for the director of human resources.
To check for any bad CR#s that might affect retiring “in good standing,” contact the IAD Advocate Section.
Insurance
The Met Life policy is portable and reasonably priced. Call 800- 638-5000. Prudential is also portable, but at a much higher rate. Call 800-778-3827.
One to three months out from retirement date: To move an- ticipated funds from unused furlough, BFD, VD, comp time and widow’s pension, contact Nationwide (deferred compensation) at 877-677-3678.
• 45 days out: Complete an end of employment (exit interview) with your CO, as well as the ethics and approved CLEAR forms. All documents need to be taken to human resources.
• 30 days out: Make an appointment with the pension board at 312-744-3891. Ask which documents you need to bring.
You can sell up to 200 hours of furlough time, six BFDs (at eight hours each), four personal days and any carryover days from the prior year. This is the only time you can sell carryover days, for a total of 344 hours.
Stay safe!
JAY RYAN
CHICAGO LODGE 7 ■ MAY 2019 11