Lisle Police Association
Metropolitan Alliance of Police
Chapter #87



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2012-2015

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Prior Contracts

Contract 2005-2009

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Lisle Police Pension Fund
 
Pension Fund Home Page     Your Local Pension Board    Overview    Regular Service Benefits    Disability Benefits    Survivor Benefits    Employee Contributions and Taxation    Credible Service    Portability / Transfer of Pension Credit    Self Managed Plan    Applications / Forms

 EMPLOYEE CONTRIBUTIONS and TAXATION

Pension benefits are funded by contributions made by active officers, the annual tax levy, and investment returns.  All participating officers must contribute 9.91% of their base salary to the pension fund.  The Pension Board, with IRS approval, has established a tax deferred method of deducting pension contributions.  This is often called “employer pick-up” of contributions.  This process is allowed by Illinois Law, but requires application and approval thru the IRS.  Officers still pay the same contribution rate of 9.91%, only on a tax deferred basis - the end result is a modest tax savings for officers.

Taxation of pensions by state governments is governed by state law.  Illinois does not currently tax pension payments.


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Copyright © 2008 Lisle Police Association, Inc.
Incorporated June 25th, 2001
Last modified: 09/25/13