Firemen's Annuity and Benefit Fund of Chicago
 


A RETIREMENT FUND  DEDICATED TO THOSE WHO ARE THERE FOR OTHERS

  


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

REFUNDS OF PARTICIPANT CONTRIBUTIONS

A participant who resigns or is discharged from service shall be entitled to a refund of their contributions for annuity and spouse’s annuity plus interest and the increment increase, provided he is under age 50 (with any length of service) or he is less than age 57 if he has under 10 years of service.  The 1/8 of 1% contributions for ordinary disability benefits is non-refundable.

Any participant that receives a refund of contributions and subsequently re-enters service, may re-establish that service credit with the Fund by repaying the refund amount plus interest within two years after the date of re-entry into service. The Fund will utilize the re-entry date for all purposes under the Code for participants that re-enter service and do not repay refunds of  contributions and the required interest within the two year period provided in the Code.

A participant who is unmarried at the time of retirement is entitled to a refund of contributions for widow’s annuity purposes.

The widow of a participant who received a refund of contributions for widow’s annuity at the time of his retirement is not eligible for widows benefits unless the refund is repaid to the Fund, with interest at a rate of 4% per year compounded annually, from the date of the refund to the date of repayment.  Benefits commence upon the receipt of the repayment.

SPECIAL TAX NOTICE REGARDING REFUND PAYMENTS      

 

   
   
       
Firemen's Annuity and Benefit Fund of Chicago
20 South Clark Street, Suite 1400
Chicago, IL 60603

Phone: (312) 726-5823
Fax: (312) 726-2316