Cook County Board of Commissioners Pension Committee met March 14.
Here is the agenda provided by the committee:
NOTICE AND AGENDA
Cook County Building, Board Room, 118 North Clark Street, Chicago, Illinois
There will be a meeting of the Committee or Subcommittee of the Board of Commissioners of Cook County at the date, time and location listed above to consider the following:
PUBLIC TESTIMONY
Authorization as a public speaker shall only be granted to those individuals who have registered to speak, with the Secretary, 24 hours in advance of the meeting. To register as a public speaker, go to the meeting details page for this meeting at https://cook-county.legistar.com/Calendar.aspx to find a registration link. Duly authorized virtual public speakers may speak live from the County Board Room at 118 N. Clark Street, 5th Floor, Chicago, IL or be sent a link to virtually attend the meeting and will be called upon to deliver testimony at a time specified in the meeting agenda. Authorized public speakers who are not present during the specified time for public testimony will forfeit their allotted time to speak at the meeting. Public testimony must not exceed three minutes; the Secretary will keep track of the time and advise when the time for public testimony has expired. After each speaker has completed their statement, they will be removed from the meeting. Once removed, you will still be able to follow the proceedings for that day at: https://www.cookcountyil.gov/service/watch-live-board-proceedings or in a viewing area at 69 W. Washington Street, 22nd Floor Conference Room B, Chicago, IL. Persons authorized to provide public testimony shall not use vulgar, abusive, or otherwise inappropriate language when addressing the Board; failure to act appropriately; failure to speak to an item that is germane to the meeting, or failure to adhere to the time requirements may result in expulsion from the meeting and/or disqualify the person from providing future testimony. Written comments will not be read aloud at the meeting, but will be posted on the meeting page and made a part of the meeting record.
23-1283
COMMITTEE MINUTES
Approval of the minutes from the meeting of 9/21/2022
23-1178
Sponsored by: BRIDGET GAINER, Cook County Board of Commissioners
PROPOSED RESOLUTION
REQUESTING A HEARING OF THE COOK COUNTY PENSION COMMITTEE TO DISCUSS THE FINANCIAL IMPLICATIONS OF PENSION LEGISLATION
WHEREAS, the Illinois Pension Code (40 ILCS 5/9-101) establishes the creation of a pension fund in each county of more than 3,000,000 inhabitants a County Employees' and Officers' Annuity and Benefit Fund shall be created, set apart, maintained and administered, in the manner prescribed in this Article, for the benefit of the employees and officers herein designated and their beneficiaries, and;
WHEREAS, the County Employees’ and Officers’ Annuity and Benefit Fund is a single defined benefit, single employer pension and other post-employment benefits plan established by Illinois Compiled Statutes (Chapter 40, Acts 5/9 and 5/10), and;
WHEREAS, the Cook County Pension Fund provides pension, disability and other benefits to employees of both Cook County and the Forest Preserve District. While the County Fund and the Forest Fund are separate entities, the benefits provided to Cook County employees and Forest Preserve District employees are the same, and;
WHEREAS, the pension system is supported through two statutorily set and mandated sources: the employee contribution made by active County employees and the employer contribution of 1.54% of total salary made by the County, both of which are set by state law, and;
WHEREAS, the financial returns on the invested assets of Annuity and Benefit Fund are, historically, the greatest portion of the annual input to the pension fund, and;
WHEREAS, the determination of the allocation of assets and the choice of investments and the resulting financial returns are overseen and approved by the nine members of the Board of Trustees of the Annuity and Benefit Fund, and;
WHEREAS, the Cook County President and the Cook County Board of Commissioners have independently elected, via an intergovernmental agreement (IGA) with the Pension Benefit and Annuity Fund, to make supplemental pension payments beyond the statutory requirements, approximately $2.5B as of the end of FY23, and;
WHEREAS, the County, unlike other pension funds, pays for retiree healthcare costs for annuitants out of pension assets, and;
WHEREAS, in FY2023, Annuity and Benefit allocations to the Pension Fund are budgeted at $512.1 million, which consists of $200.4 million in statutory payments, as per the Illinois Pension code, and an additional $291.7 million in supplemental pension payments paid for by a voluntary incremental payment, and a $20.0 million allocation to the pension reserve account for future pension payment increases, via an Intergovernmental Agreement approved by the Cook County Board of Commissioners on December 15, 2022, and;
WHEREAS, there are many future needs to ensure the continuity and health of the pension system. In order to pass meaningful legislation at a County level that addresses these future challenges, it’s essential to have a comprehensive understanding of the financial impact of the pension system and any potential impact on the retirement security of Cook County annuitants.
THEREFORE BE IT RESOLVED, a hearing of the Cook County Pension Committee to be convened on Wednesday, February 8 at 10:00 a.m. in order to discuss any changes that may be made to the statutory makeup of the County’s contribution.
Legislative History : 1/26/23 - Board of Commissioners - refer to the Pension Committee
https://cook-county.legistar.com/DepartmentDetail.aspx?ID=-1&GUID=F1990FE7-FDB2-4981-9F7C-83B7F1CFD59A&R=c3ce8f3e-2689-45e7-840c-8af3e3debecb
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