CPD Pension

[EricPL]

So does anyone know what is the current pension?
What will it look like for the people who are getting hired currently?

There is not much info that I could find online. Maybe there are some people on this forum that know more?

Any Info would be great.

I mean we are getting hired by a department that might not have a very good pension by the time we get on.

[ChiTownDet]

Have to work 20 years, be at least 55 years old (if hired after 01 Jan 2011. Prior to that it's 50 years old) to get 50% of your average best 4 years of salary out of the last 10 years. Every year past 20 you go, add another 2.5%, until you max at 75%. After 20 yrs on, you only have to work 1 day into the next year to get credit for that year, hence the term "29 and a day." to max. Also add duty availability pay to you salary when figuring your pension (currently $3220 yr). You only get a 1.5% cost of living increase when you turn 60, if you were born after 1955.

Your pension is only figured on your base pay, no OT, holiday pay,uniform allowance, etc is figured in.

Actually, now, it doesn't pay to come on until you are 25 yoa, as you will have to work 34 yrs for max pension, vs. 30. Those last 4 yrs you will be working for about 15% of your pay.

When you retire, no paying 9% into pension fund every check, no paying state of Ill. income tax, no more putting in deferred comp., and I retired under a contract provision that the City pays my (and my family) health insurance until I'm 65 yoa.

As of right now, my pension is about $40 less per month than what I was paid when working, and I left at 70%. Staying those extra 2 yrs would have added $5200 per yr to my pension .vs the $12K per yr I don't have to pay for health insurance.

[EricPL]

Thank you for the Information.
That sounds like a pretty good pension. But who knows what it will look like after this year. I hope they don't make to many drastic changes to it.
Has it always been a max of 75% or is that something recent?

[ChiTownDet]

Always been 75%. But prior to about 2000 or so, you had to work 32 years to max out. Rumors, and I believe, that the copper's contributions will go up, from 9% to 12% of their pay. I also see (hope it doesn't happen) that the max will end up being lower than 75% (70%?). First, things will effect those that start after a certain date. Maybe down the road, changes will effect those already working. Last will be those on fixed income (retirees). Hope none of that comes to pass, but they are steady (Rham, Madigan, Quinn) trying to figure out ways to get out of the corruption and thievery that caused the pension mess.

[onebluewolverine]

Do Chicago police officers also participate in Social Security? Or is just the pension?

[ChiTownDet]

Do Chicago police officers also participate in Social Security? Or is just the pension?

No. And if you have your SS credits already, or get them during your career working side jobs or whatever, when you collect at 65 yo, you will get less than an average citizen , as you have a municipal pension.

[EricPL]

Thank you ChiTownDet for all your information!! Much appreciated!

[onebluewolverine]

No. And if you have your SS credits already, or get them during your career working side jobs or whatever, when you collect at 65 yo, you will get less than an average citizen , as you have a municipal pension.

thanks!

Some of the departments I have been applying to, do have social security and some don't. Usually the ones that do seem to have lousy pensions but when SS is factored in it's a pretty decent income.

[BoyWithStick]

I pay social security AND contribute to a Downstate Pension. It ****es me off that I have to pay the full amount in SS and get less later in life. Fine, give me less SS payout, but give me back some of the money I put in. Once again it have to pay for everyone else because I made wise financial decisions and worked my butt off to make a career for myself.

[slamdunc]

I pay social security AND contribute to a Downstate Pension. It ****es me off that I have to pay the full amount in SS and get less later in life. Fine, give me less SS payout, but give me back some of the money I put in. Once again it have to pay for everyone else because I made wise financial decisions and worked my butt off to make a career for myself.

I'm in a similar situation (SLEP / IMRF) and would have to agree with you about the lack of fairness within the Social Security system. Chicago had a really good pension and it looks like it is a thing of the past.

[ChiTownDet]

Slam, no changes have been made to the Police pension in Chi yet, other than the one that effected everyone statewide in 01/2011 (Tier II) for the 55 yo retirement age. Who has taken a screwing were U of I coppers whose age to retire went up to 67 yo. They lumped them in with all other state workers. Previously, the new pension laws had that they did not affect Police and Fire, Chicago Police and Fire and Univ. of Ill Police Officers. Last one they changed, they left off U of I coppers. What that did, is make U of I a starting PD, as opposed to a career PD. Sad, and don't know if it will ever be changed back. Even sadder is that this supposedly affected currently working U of I coppers.

[onebluewolverine]

So is the "downstate pension" controlled by the state and the Chicago pension by the city?

I think overall University cops get the short end of it everywhere. Here in Michigan they are classified as nonacademic staff positions. So they get the same benefits as the counselors, secretaries, janitors, groundskeepers etc.

( I changed my old post because I looked up the wrong social security reduction provision)

[BoyWithStick]

Downstate pension is actually managed by the local fund itself. The state has nothing to do with it. It's the municipality and the employee that funds the pension.

[ChiTownDet]

Chicago Patrolman's Pension Fund has 4 elected by the members (ret. and active) and 4 appointed by the City. Not run by the City, just as the burb funds aren't run by entirely by their towns.

U of I Police were paid pretty well and had the same pensions as city and burb coppers had until the state lawmakers screwed them about 2 years ago.

[BNWS]

Any pension is better than none.