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Lisle Police Pension Fund
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REGULAR SERVICE RETIREMENT BENEFITS
An officer is eligible for retirement benefits at age
50, if he or she has 20 or more years of creditable service. Or at age 60, if
more than 8 years and less than 20 years of creditable service.
Pension with 20 Years of Service.
An officer age 50 or more with 20 years of creditable
service is entitled to a pension equal to 50% of the salary attached to the rank
on the police force at the time of retirement. For years of service over 20
years, the officer will receive an additional 2-1/2% of salary for each year
over 20 years, to a maximum pension of 75% of salary. For example, an officer
retiring after 26 years would receive a pension of 65% of salary at age 50.
Pensions with Less than 20 Years of
Service.
An officer age 60 or older having at least 8 years but
less than 20 years of service is entitled to a pension equal to 2-1/2% of salary
for each year of service. An officer with only 1 year of service but less than
8 is also entitled to this benefit if he or she is receiving a retirement
pension based on at least 8 years of service from another Illinois downstate
police pension fund, excluding Chicago.
Increases in Pensions after
Retirement.
An officer who retires before age 55 is entitled, upon
attaining age 55, to an increase in pension equal to 3% for each year the
officer has been receiving pension (or a prorated portion of 3% for partial
years). Then, on each following January 1st, the officer will receive an
additional increase of 3% in the pension then being received. For example, an
officer retiring at age 52 will receive an increase of 9% at age 55, 3% for each
year pension has been paid.
An officer who is already age 55 or older at the time
of retirement will receive a 3% pension increase after one year of retirement
and each January 1st thereafter.
An officer who does not receive a pension from the
Pension Fund is entitled to a refund of contributions made.
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Lisle
Police Association