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File #: 18-2661    Version: 1 Name: TO DISCUSS THE FISCAL YEAR 2017 ACTUARIAL VALUATION REPORTS FOR THE COOK COUNTY AND FOREST PRESERVE
Type: Resolution Status: Approved
File created: 3/12/2018 In control: Pension Committee
On agenda: 3/14/2018 Final action: 9/26/2018
Title: PROPOSED RESOLUTION TO DISCUSS THE FISCAL YEAR 2017 ACTUARIAL VALUATION REPORTS FOR THE COOK COUNTY AND FOREST PRESERVE EMPLOYEES' AND OFFICERS' ANNUITY AND BENEFIT FUNDS WHEREAS, actuarial reports for the Cook County Employees' Annuity and Benefit Fund and the Forest Preserve District Employees' Annuity and Benefit Fund of Cook County as of December 31, 2017 are expected to be released Spring 2018; and, WHEREAS, the reports highlight the funded status and total unfunded pension liability of the Cook County Pension Fund and Forest Preserve Pension Fund; and, WHEREAS, it is the recommendation of the Cook County and Forest Preserve Pension Fund's Actuary that the Cook County Pension Fund adopt legislation that is sufficient to pay the Normal Costs of active plan members, plan expenses, and amortize the unfunded actuarial accrued liabilities over a period no longer than 30 years; and, WHEREAS, the 2015 sales tax increase was passed with the intent to devote "90% of the funding to ...
Sponsors: BRIDGET GAINER

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PROPOSED RESOLUTION

 

TO DISCUSS THE FISCAL YEAR 2017 ACTUARIAL VALUATION REPORTS FOR THE COOK COUNTY AND FOREST PRESERVE EMPLOYEES’ AND OFFICERS’ ANNUITY AND BENEFIT FUNDS

 

WHEREAS, actuarial reports for the Cook County Employees’ Annuity and Benefit Fund and the Forest Preserve District Employees’ Annuity and Benefit Fund of Cook County as of December 31, 2017 are expected to be released Spring 2018; and,

 

WHEREAS, the reports highlight the funded status and total unfunded pension liability of the Cook County Pension Fund and Forest Preserve Pension Fund; and,

 

WHEREAS, it is the recommendation of the Cook County and Forest Preserve Pension Fund’s Actuary that the Cook County Pension Fund adopt legislation that is sufficient to pay the Normal Costs of active plan members, plan expenses, and amortize the unfunded actuarial accrued liabilities over a period no longer than 30 years; and,

 

WHEREAS, the 2015 sales tax increase was passed with the intent to devote “90% of the funding to paying down the pension and the remaining 10% to debt service and infrastructure investments.”

 

BE IT FURTHER RESOLVED, upon their release the Cook County Pension Committee shall meet for the purpose of discussing the actuarial valuation reports for the Cook County Employees’ Annuity and Benefit Fund and the Forest Preserve District Employees’ Annuity and Benefit Fund of Cook County as of December 31, 2017.

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