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Policemen’s Annuity & Benefit Fund of Chicago
Over the years, benefit payments and liabilities increased with the growing ratio of retirees to active officers, as well as benefit enhancements enacted through legislation. The Fund’s average monthly cost of benefits has grown from $25 million in 2000, to $45 million in 2010, to approximately $70 million today. The Fund has suffered from inadequate con- tributions for many years, requiring the sale of assets to make benefit payments. The Fund Status graph illustrates the in- creasing cost of benefit payments, inadequate contributions to meet the costs and the impact on the funding ratio.
From 1982 to 2014, City contributions were based on a two-times multiplier of employee contributions. Then, from 2015 to 2020, the Fund received fixed-amount contributions that were impacted by a legislative change reducing the re- quired City contributions from 2016 to 2020. Chicago Police
Officers pay 9 percent of their salary, including duty avail- ability, into the Fund. The contribution is divided as follows: 7 percent for the employee annuity 1.5 percent for the widow annuity, and 0.5 percent for the automatic annual increase in annuity (also known as COLA). The graph shows the break- down of contributions from the City and employees.
The Fund received its full statutory contribution from the
City in 2019 and intercepted State grants to fulfill City contri- butions owed in 2017 and 2018. The Fund has received near- ly the entire 2020 contribution and expects the remaining contributions in the first quarter of 2021. To ensure payment,
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Tuckaway Golf Club is one of the best kept secrets in Chicago’s South Suburbs. Located Just 40 miles south of downtown Chicago, Tuckaway is a challenging public course with rolling hills, fast greens, sloping fairways, full-scale practice facility and a full-service bar and grill.
Tuckaway Golf Club
Offering special pricing for Chicago Police Officers
25 percent off Greens Fees, including golf cart, and Driving Range any day of the week
Call and book your tee times at Tuckaway Golf Club (708) 946-2259 or book online at Golfnow.com
For outings contact Bill Burford at (219) 713-3547 or at tuckaway1947@gmail.com
Special Pricing for group outings of more than 20
Contact Bill at (219) 713-3547 or tuckaway1947@gmail.com
Come play a course that backs the blue with special discounted rates for Chicago CPD.
A donation from Tuckaway will be made to the Chicago Police Foundation or Chicago Police Memorial Foundation from the proceeds of any outing of 20 or more.
Tuckaway Golf Club
27641 S Stoney Island Ave., Crete, IL
Owned in part by retired Chicago Police Officer
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