7 employees reported this benefit
If fully informed, you can retire with no need to get new employment
Its there. Will it be there in 30 years? Well... if the mayor keeps playing with it and adding more time and kicking the can down the road to buy time and pay later, maybe not. The pension plan is a defined benefit pension. Everyone before 2011 is Tier 1, after is Tier 2. If you become a new officer, you'll be Tier 2. You'll contribute 9% of your salary to the fund. The benefit accrual is 2.5% every year of work up to 75%. You retire at full pension age at 55, reduced at age 50. The reduction is 1/2% monthly under age 55. Everyone contributes into Social Security.
The pension plan is Chicago PABF. All employees earn benefits at the same rate but a change was made in 2010 which created Tier 2. Now, police officers that entered after work until age 55, or take reduced pension with a 1/2% monthly cut under age 55 if you take it at 50. Police officers do contribute into Social Security. The contribution is 9.00%. The benefit accrual rate is 2.50% annually. It has a bad funding ratio; however, pension reform obligates the city to make ever increasing contributions to secure these pensions for police. The city is complying with this, and the system will reach 90.00% in about 30 years
best no one can touch the plan