Page 31 - January 2021

Policemen’s Annuity & Benefit Fund of Chicago
The latest pension news
The Chicago Police Pension Fund and elected trustees understand the importance of informing and educating participants on their pension ben- efits and the current issues impacting our Fund. In this effort, I am pleased to announce the re- design of our website at chipabf.org. The new website offers members information about their benefits, application procedures, investment performance, Fund reports, frequently asked questions and much more. Also available on the website is a newly created Participant Handbook
to provide a quick reference to information and benefits. The newly redesigned website also makes it easier for you to notify the Fund of life events such as marriage or the birth of a child and make the appropriate updates to your designated beneficiaries. You can now download the Death Benefit Directive form and other forms from the website to update and return to the Fund. If you are unsure of your list- ed beneficiaries or need assistance, please contact the Fund. The pandemic has created challenges for the Fund and staff, but we continue working through those challenges to meet the needs of our members. To improve customer ser- vice at the Fund, we recently updated our phone system, making it easier to reach individual staff members. All staff now have direct phone numbers, and the staff directory is available on the website. Also, we are currently processing applications electronically to allow members to apply for re- tirement without coming into the office. But if any member needs further assistance, Fund staff will make any necessary
accommodations.
This past September, the pension board conducted trust-
ee elections for the sergeant and lieutenant representatives. Congratulations to Sergeant John Lally and Lieutenant Mi- chael Stiscak for being elected as trustees to the Pension Board.
The Fund will be posting news and updates on the web- site, and you can join our email list for notifications. We also recently created a Facebook page to provide general information about Fund meetings and events. The Fund is attempting to reduce operating costs by communicating
through electronic means when possible. We appreciate the FOP allowing us to have an article in Chicago Lodge 7 Maga- zine, as it saves the Fund considerable printing and mailing costs. Thank you!
I understand members are extremely concerned that our Fund is severely underfunded. I will provide an overview of the Fund and the history which led us to our current state. It is important to understand the significant factual causes that led us to this position.
Fund Overview
The Fund currently has a total of 26,741 participants. The ratio of retired officers and annuitants to active officers has shifted over the years. As of today, there are approximate- ly 3,000 fewer active officers contributing to the Fund than there were 20 years ago. In addition, there are 1,151 more participants collecting benefits than active officers con- tributing to the Fund. The number of officers on disability was reduced by nearly half when the department adopted a sworn limited light-duty program in 2012. Officers hired af- ter Jan. 1, 2011 are Tier 2 members, and they currently make up 38 percent of total active officers.
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TOM BEYNA PENSION BOARD
CHICAGO LODGE 7 ■ JANUARY 2021 31