Retirement Preparation

Retirement Checklist

At or about age 50

6 to 12 months prior to your retirement

  • Request an estimate of your benefits. This estimate will include:
    • A calculation of your retirement annuity and years of pension service credit.
    • The option to repay a refund and/or to pay for any service time in which deductions were not withheld from you paycheck (if any). An account receivable (AR) must be paid prior to or at resignation. Payments for unpaid service (US) or refund repayment (RR) must be made prior to resignation. In some instances, payment may be made up to 90 days after retirement.
    • A checklist of required documents will also be included.
  • Review the City of Chicago Employee Handbook - "Leaving City Service"

3 to 6 months prior to retirement

  • Review possible retirement dates.
  • Review annuitant insurance options by contacting the Benefits Service Center at (877) 299-5111.
  • Make sure you have all required documents to present to the Fund office at your retirement appointment.  Certified copies are required. Call the Fund office at (312) 236-2065 with any questions prior to resignation.

Upon resignation from your Department

  • Submit resignation to your department.
    • Upon receipt of your resignation acceptance letter from your department, contact the Fund office at (312) 236-2065 to schedule a retirement appointment.
    • If you are applying for a combined annuity with service from another Illinois pension fund(s) under the Reciprocal Act, contact the other fund(s) regarding your retirement

 

Important Tips

Benefits are payable the 1st day of the month following resignation. We suggest resigning the last day of the month for the following reasons:

If you work until the end of the month, resign on the last day of the month, you are entitled to an annuity on the 1st day of the following month, thus there are no unpaid days.  However, if you resign prior to the last working day of the month, you will not be entitled to an annuity until the 1st day of the following month. In this case the Fund will not pay from the resignation date to the end of the month.

Please note:  It may take at least 2 months from retirement to receive your first annuity check, and may take up to 3 months if retiring under a Reciprocal system. Remember to plan ahead in consideration of this transition period. 

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