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Retirement

Who do I contact when I want to retire?

Contact Ruth Stone at 773.784.3000.  Please allow at least 3 months previous to retirement to process all forms required.

How much does my spouse get if I were to die before him/her?

The pension payable to the surviving spouse shall be a monthly amount equal to 65% of the monthly amount of pension which the participant was receiving, but not less than the current minimum amount for the participant service of 25 year or more.

Can I elect for my spouse to receive more than 65%?

Yes.  A participant may elect to receive a reduced pension payable monthly during the participant's lifetime, with payments to continue after death in the same amount (100%) or a percentage (75%) thereof, to a spouse as designated by the participant.  Such selection must be made by written notice to the Board of Pensions and Benefits not less than 2 years prior to normal or early retirement date.  If the election is not made within the designated time limit, such selection may, nevertheless, be made at any time prior to the participant's normal or early retirement date, provided the participant furnishes the Board of Pensions and Benefits with satisfactory evidence of good health.  Please contact Ruth Stone at 773.784.3000 for forms, projections or other requests.