Page 32 - January 2021

Policemen’s Annuity & Benefit Fund of Chicago
BEYNA CONTINUED FROM PAGE 31
The Fund had 560 members retire in 2020, a significant increase over the previous two years. The large number of retirements in 2017 was because it was the last year mem- bers could retire with free health insurance at age 55. The rate of retirements is important to track, as it is a significant demographic assumption in the annual actuarial valuation. We recognize that a large portion of the active membership is nearing retirement; 34 percent of members are ages 45 to 53, and 32 percent have 20 or more years of service. Congrat- ulations to the officers who retired this year — enjoy what you’ve earned!
As you start to consider retirement, we have a calculator on the website that will estimate your annuity amount at retire- ment. If you are within two years of retirement, you should consider requesting a detailed written estimate of your ben- efits based on a specific anticipated date of retirement, or contact the Fund at any time concerning your benefits. Also, please review the Retirement Checklist on our website so that you are familiar with the process and necessary docu- ments needed prior to retirement.
History and current state of the Fund
In 2000, the Fund’s assets were $4 billion, with an actuarial funded ratio of 71 percent. Currently, the fund’s assets are down to $2.7 billion, with a funded ratio of only 22 percent.
32 CHICAGO LODGE 7 ■ JANUARY 2021