Lisle Police Association
Metropolitan Alliance of Police
Chapter #87



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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

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