What is the Jacksonville Police Death Benefit Fund?

 

It is each member reaching into our poc.kets, pulling out $5.00 and helping another member’s family with immediate financial resources, upon the death of that Fund member. These monies are delivered in person to a deceased member’s benefactor within (48) hours of notification of that member’s death.

No death certificate is required. No red tape. Death does not have to occur while working. If a member dies for any reason and is a member in good standing, those checks will be delivered to the deceased member’s benefactor.

How Does the Fund Function?

Members authorize a $5.00 payroll deduction to the Fund, from his/her paycheck. An account balance is maintained for each member and fluctuates throughout membership. Monies are distributed to designated benefactor(s) at the time of your death. Two (2) checks are issued to the benefactor. One check is the amount of money in account of the deceased member’s account. The other check is figured by multiplying $5.00 times the total number of members at the time of death. Example: $5.00 X 2400=$12,000.00. All members receive a statement annually which records all $5.00 deductions from payroll and payments of $5.00 to benefactors. Monies not used for benefactors are invested and managed currently by Morgan Stanley. Types of investments are dictated by a written Investment Policy and strictly adhered to and monitored.