Make Sure Your Money Is "In the Bank"
Direct deposit allows you to have your monthly pension check deposited directly into your bank account. Direct deposit assures that your money is in your account on the 1st business day of the month, whereas a check mailed to your home will take several days to arrive and then clear, delaying access to your funds. With direct deposit you avoid costly delays, the chance that your check is lost in the mail, or stolen, and having to wait for a replacement check. Even if you are on vacation or away from home for any period of time, your money is safely deposited into your bank account.
Over 20,000 of our 23,000 monthly recipients take advantage of this option.
We encourage you to take advantage of the speed, accuracy and security of electronic deposit.
If you would like to consider this option, but still have questions, please contact our Member Services department at 312-641-4464.
Payment and Direct Deposit Calendar
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Designed to help protect your annuity against inflation, Illinois Pension Code provides an Automatic Annual Increase (AAI) of 3% for CTPF service retirement and survivor benefits. Any member receiving a service retirement benefit becomes eligible for the increase on the 1 year anniversary of the member’s benefit effective date, or the member’s 61st birthday, whichever is later. The member will begin receiving the increase on the January 1st following the member’s date of eligibility. In addition to the 3% increase, the member receives a pro rata increase based on the duration of time between the member’s eligibility date and the member’s initial January 1st increase. On each consecutive January 1st, AAI is calculated as 3% of the total pension payable at the time of the increase, including previous increases.
For survivor beneficiaries of a deceased pensioner, 3% AAI occurs each January 1st falling on or after the effective date of the survivor benefit. For survivor beneficiaries of an active teacher, 3% AAI occurs each January 1st falling on or after the 1 year anniversary of the effective date of the survivor benefit.
The Fund mails 1099s in the month of January following the previous tax year. By law the 1099 will be postmarked no later than January 31st following the tax year being reported. A 1099 will be issued for each benefit a member receives.