Page 22 - February 2017

Under new law, some members eligible for cost-of-living increases
The Illinois State Legislature on Nov. 29, 2016 enacted Public Act 099-0905, providing for post-retirement cost of living increases to
that had attained the age of 55 and had a complete year of retirement beyond the age of 55. Many of the retirees that were born on or after Jan. 1, 1955 will be receiv- ing additional increases. However, each calculation will require a detailed review of a retiree’s birth date and retirement date, as each retiree has dif- ferent circumstances. A magic button does not exist to determine these amounts, and thus, they will be calculated individually by the Fund’s staff. All retired members that are impacted by the legis- lation will receive increases in due time, however, the
Fund’s staff requests your patience with this process. Thank you, and stay safe. d
MIKE LAPPE
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cost of living increases.
An estimated 1,400 retired members are impacted by
this new legislation. In an effort to provide an immedi- ate increase to affected members, 3 percent cost of liv- ing increases were issued on Jan. 31 to retired members
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etired members with birth dates
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between Jan. 1, 1955 and prior to Jan. 1, 1966. The Pension Fund is working very diligently to apply the legislation to its retirees and ensure that all eligi- ble members receive the appropriate
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Pension News
UPDATE
22 CHICAGO LODGE 7 ■ FEBRUARY 2017