Information and the next meeting date
Posted: Mon Jan 11, 2016 1:07 amThe next meeting of the Retired Chicago Police Association will be on Sunday, February 21, 2016, at 1:00PM. It will be held in the 001st District Community Room at 1718 S State Street. At this meeting, you will nominate the Officers to represent you for the next two years. The election of officers will be conducted at the May meeting. To be eligible to seek office, a member must be in good standing for at least two years and have attended two meetings each year. I look forward to seeing you there.
As provided by state statute, a cost of living adjustment (COLA) of 3% will be reflected in your annuity check on January 31, 2016. This increase only applies to retirees who have attained 55 years of age and have been retired at least 13 months and were born before January 1, 1955.
Retired Public Safety Officers, do not forget the $3000 benefit that you are provided under the Helps Provision of the Pension Protective Act of 2007. This benefit allows for tax deferred deductions of insurance premiums such as: healthcare, dental, optical and long term care if the premiums are deducted from your pension check. Check with your tax consultant.
The $500 (13th) check was sent to annuitants receiving the minimum monthly annuity in December. There were 914 checks sent: 818 to widows and 96 to retired police officers at a cost of $457.000 from the gift/RJJAAF Funds.
Disabled Veteran’s Homestead Exemption.
The Disabled Veteran’s Standard Homestead Exemption provides a reduction in a property’s EVA to a qualifying property owned by a Veteran with a service-connected disability. Beginning in tax year 2015, a $2,500 homestead exemption is available to a veteran with a service-connected disability of at least 30% but less then 50%. A $5,000 homestead exemption is available to a veteran with a service-connected disability of at least 50% but less than 70%. Veterans with a service-connected disability of at least 70% are exempt from paying property taxes on their primary residence. This exemption is available to the unmarried surviving spouse of a service-connected veteran provided that the veteran was in receipt of the exemption prior to his/her death. Additionally, beginning in tax year 2015 and thereafter, the unmarried surviving spouse of a service member killed in the line of duty is exempt from paying property taxes on the primary residence. Once approved, qualifying veterans and surviving spouses must file an annual application by their county’s deadlines to continue to receive this exemption. To apply for this exemption, please contact or visit your local County Assessor’s Office.
As provided by state statute, a cost of living adjustment (COLA) of 3% will be reflected in your annuity check on January 31, 2016. This increase only applies to retirees who have attained 55 years of age and have been retired at least 13 months and were born before January 1, 1955.
Retired Public Safety Officers, do not forget the $3000 benefit that you are provided under the Helps Provision of the Pension Protective Act of 2007. This benefit allows for tax deferred deductions of insurance premiums such as: healthcare, dental, optical and long term care if the premiums are deducted from your pension check. Check with your tax consultant.
The $500 (13th) check was sent to annuitants receiving the minimum monthly annuity in December. There were 914 checks sent: 818 to widows and 96 to retired police officers at a cost of $457.000 from the gift/RJJAAF Funds.
Disabled Veteran’s Homestead Exemption.
The Disabled Veteran’s Standard Homestead Exemption provides a reduction in a property’s EVA to a qualifying property owned by a Veteran with a service-connected disability. Beginning in tax year 2015, a $2,500 homestead exemption is available to a veteran with a service-connected disability of at least 30% but less then 50%. A $5,000 homestead exemption is available to a veteran with a service-connected disability of at least 50% but less than 70%. Veterans with a service-connected disability of at least 70% are exempt from paying property taxes on their primary residence. This exemption is available to the unmarried surviving spouse of a service-connected veteran provided that the veteran was in receipt of the exemption prior to his/her death. Additionally, beginning in tax year 2015 and thereafter, the unmarried surviving spouse of a service member killed in the line of duty is exempt from paying property taxes on the primary residence. Once approved, qualifying veterans and surviving spouses must file an annual application by their county’s deadlines to continue to receive this exemption. To apply for this exemption, please contact or visit your local County Assessor’s Office.