CHICAGO POLICE PENSIONS FACTS
Chicago Police Officers have been under a contractual agreement with the City of Chicago to serve and protect the citizens of our city. Under the terms of the contract, officers are required to work no less than 40 hours each week, agree to be assigned as needed to regions of the city, and agree to live in the city. IN RETURN the City promises to pay the officers according to the published pay scale, provide them with medical and dental coverage (at a cost covered by the employee), and provide a pension, the terms of which are established at the time of each officer’s swearing in.
The pension is somehow negotiable in arrears, and changes can be made to the contract the City made with the officers, long after the officers have made good on their part of the bargain.
Chicago Police officers contribute 9% of their pay to their pension plan from EVERY PAYCHECK THROUGHOUT THEIR CAREERS, funding a large portion of their pension themselves.
The pension is a gift from the City of Chicago and the State of Illinois.
The money Chicago Police Officers contribute to their pension fund is, by law, to be supplemented by payments from the City of Chicago. Suburban and downstate Police agencies pay into their pensions according to law, the state does not fund their portion as required by law.
The money the State of Illinois and City of Chicago pay into the fund for police retirement is an optional payment, and is subject to political approval whenever the General Assembly feels like it.
First responders receive Social Security at a rate reduced by 60% even though they are eligible.
Chicago Police Officers get full Social Security benefits on top of their pension.