Firemen's Annuity and Benefit Fund of Chicago
A RETIREMENT FUND DEDICATED TO THOSE WHO ARE THERE FOR OTHERS
A RETIREMENT FUND DEDICATED TO THOSE WHO ARE THERE FOR OTHERS
Questions concerning an employee participant’s individual benefit rights may be directed to the Fund office by e-mail to info@fabf.org; by phone at (312) 726-5823; or in writing to 20 S. Clark St. Suite 300, Chicago, IL 60603. Responses will be provided as soon as possible.
Minimum Formula Annuities are payable to participants that have attained age 50 and have at least 20 years of accumulated service credit,
or after December 31, 1990 a participant may withdraw with 20 years of service regardless of their age, and receive this annuity upon attainment of age 50.
The calculation of a Minimum Formula Annuity is equal to 50% of the average salary for the highest 48 consecutive months of the last 10 years of service,
plus an additional 2.5% of such average salary for each year of service or fraction thereof beyond 20 years of service based on the entrance date into
the Fund. This service is reduced by any lost time at date of withdrawal. Minimum Formula Annuity benefits may not exceed 75% of such final average salary.
Effective January 1, 2016, the minimum annuity for those who have retired from service at age 50 or over with 20 or more years of service shall be no less than 125% of the Federal Poverty Level.
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Non-Compulsory (Earned Annuities)
Basic vesting in the plan occurs after 10 years of creditable service. Calculations for earned annuities are based upon the amount the participant has
contributed to the Fund, partial City contributions, interest, age, and years of service.
Earned or Money Purchase annuities are payable to a participant who has attained age 50 with at least 10 years of service. If a fireman has 10 years
of service and has not yet attained age 50, his earned annuity shall be fixed as of and be computed as if he were exactly 50 and the benefit will be
payable upon his attainment of age 50 and upon proper application and Board approval.
Compulsory Retirement
As of December 31, 2000, the Chicago Fire Department’s compulsory retirement age is 63 for firefighters. There is no current compulsory retirement
age for paramedics.
Effective January 16, 2004, a participant who is required to withdraw from service due to attainment of compulsory retirement age and has at least
10 but less than 20 years of service credit may elect to receive an annuity equal to 30% of average salary for the first 10 years of service plus
2% of average salary for each completed year of service or fraction thereof in excess of 10 years, but not to exceed a maximum of 50% of average
salary (average of the participant’s highest 4 consecutive years of salary within the last 10 years of service). The participant is entitled to
statutory post retirement annual increases.
Beginning April 5, 2021, Tier 1 participants retiring with at least twenty years of service will receive an annual 3% increase based on their original annuity amount continuing for their lifetime, contingent upon both of the following conditions being met:
• The participant must have attained age 55
• The participant must have been retired at least one year and one month
If a participant is over 54 when they retire the increment begins the first of the month following the first anniversary of his retirement and again each January 1st thereafter for life.