Public Safety
OpenPensions.Org - Path to Retirement Security: Participate in the Solution
April 9, 2012
Website: www.openpensions.org As Chairman of the Pension Committee for the Cook County Board, I knew that if we were going to succeed in restoring the solvency of the pension fund, keeping the retirement promise to employees and retirees and protecting taxpayers, it had to be a process that included all of those stake holders. And the basis of the discussion had to be a clear set of facts - where is the fund, how did we get here and what are the options to move forward. This is why I have created OpenPensions.Org.
OpenPensions.org, provides access to all pension data, analysis of what changes to contributions or benefits would cost and how changes would impact employees. This is the first time that the status of the County's pension, the unfunded liability and possible solutions will be available to all - taxpayers, employees, retirees and the civic and business community. Our Truth in Numbers report details how the Cook County Pension Fund fell from over 90% to less than 60% funded in just 10 years. It also presents a set of solutions that will be the basis of engaging all stakeholders across the County.
Every person in the County relies on a functioning Court system, the Sheriff's office and other vital services the County provides. If we do not address the growing unfunded liability at the pension fund, future contributions will either cause a crushing increase in property taxes or will crowd out funding for County Services. Neither one of those paths is acceptable. There are over 15,000 County retirees and approximately 23,000 active employees, 30% of which are eligible for a pension today. Without reform the pension fund will be insolvent in 2038 and be unable to pay pension benefits or retiree healthcare. Insolvency is also not an option. There are no shortcuts or quick fixes that can trump starting with the facts, collaborating with labor, retirees, citizens and civic leaders and being willing to make tough decisions to overcome a problem that has been a generation in the making.
Cook County Pension Committee: March 1, 2012 Meeting
March 1, 2012
Cook County Pension Committee: June 29, 2011 Meeting
June 29, 2011
As the Chair of the Pension Sub-Committee, I convened a meeting on June 29th 2011 to discuss
the current financial status of the Cook County Pension Fund. The Committee heard testimony from elected officials in Springfield, civic
organizations, pension fund members, finance professionals and labor unions.
A general overview of the meeting presentations can be found here: Cook County Pension Sub-Committee Meeting - June 29, 2011.pdf
Paths to Solvency Presentation Report.pdf - This report details analysis of the Cook County Pension Fund with different changes in pension benefit structure.
Governance Presentation Report.pdf - This report examines the current governing structure of our pension fund and the governing structure of pension funds around the Country.
401(k) Presentation Report.pdf - This report details studies on public sector defined contribution plans and studies about best practices for structuring a 401(k) plan.
Disability Benefits Presentation.pdf - Cook County Employees who are injured at work receive disability payments from the Cook County Pension Fund. This report provides an overview of the disability benefits provided by the fund and the cost of those benefits.
Recent Changes in Pension Funds Across the Country Presentation Report.pdf - This report details the changes to pension funds that have occurred recently in other parts of the country.
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