Initiating Pension Payment

Overview

Initiating Pension Payment

When retiring from CPS or a Charter School, there are several steps that need to be taken to initiate payment of your CTPF pension.

1+ Years Before Retirement

  • Maximize credit and review 2.2 Upgrade options (if applicable).
  • Unused sick days will be used at retirement (up to 244 days).
  • If you took an unpaid, employer-approved leave of absence, you may be eligible to purchase time to increase your service credit. Learn more about purchasing service credit.
  • If you took a refund of contributions and then returned to employment, you may be eligible to purchase that time, if you meet certain conditions. Learn more about purchasing service credit.
  • Members who were employed prior to July 1, 1998, earned pensions based on a “step” formula instead of the current 2.2 formula. If you earned service prior to July 1, 1998, you may be eligible to upgrade your pension so that all of your service is based on the 2.2 percentage. Contact Member Services, 312-641-4464, for more information.

6-12 Months Before Retirement

  • Request an estimate six months to a year before your planned retirement date. It can take up to 30 days to obtain an estimate. If you plan to retire under the provisions of the Illinois Retirement Systems Reciprocal Act, note that producing an estimate may take longer than 30 days.

    The estimate will help you to get an idea of your monthly benefit amount and determine the benefit effective date that will work best for you. Contact Member Services, 312-641-4464, to request an estimate.
     
  • Attend a CTPF Retirement Seminar. Seminars are offered in the winter and spring, and members with a valid email address on file and that meet eligibility requirements will be sent an invitation to attend. The seminar presentations offer a general overview of the retirement process, retiree health insurance, and assistance in completing the necessary forms. Representatives from CTPF’s Member Services department are available at the seminars to answer individual questions.

3 Months Before Retirement

  • Resign/Retire with your employer. Your retirement date can be in the future, though CTPF must verify this date with your employer before your retirement application can be processed. This is a separate process from initiating your pension application with CTPF.

    If you plan to retire under the provisions of the Illinois Retirement Systems Reciprocal Act, you must file a retirement application with each system.
     
  • Fill out and submit your Retirement Application. The CTPF retirement application should be submitted three months before benefit commencement; use the Retirement Checklist as a guide for gathering supporting documentation. You can also make an appointment to review and submit you application with Member Services, 312-641-4464.