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PROPOSED RESOLUTION
PROVIDING ONGOING PENSION STABILIZATION AS AUTHORIZED IN THE ANNUAL BUDGET RESOLUTION
WHEREAS, to serve the interests of current and future Cook County ("County") residents and taxpayers, significant investment has been by Cook County to address actuarially projected shortfalls associated with the County Officers' and Employees' Annuity and Benefit Fund ("the Annuity Fund"); and
WHEREAS, the County has an annual Intergovernmental Agreement ("IGA") with the Annuity Fund, which includes supplemental payments in addition to the statutorily required maximum contribution; and
WHEREAS, the supplemental payments made to the Annuity Fund will total, by the end of FY20, over $1.6 Billion, allowing the Annuity Fund to keep its assets invested and take advantage of good market performance; and
WHEREAS, the FY21 budget included nearly $342 million in supplemental pension to the Annuity Fund; and
WHEREAS, the FY20 and FY21 Annual Appropriation Ordinance through the Budget Resolution provides that the Chief Financial Officer may from time to time transfer into a Pension Stabilization Account within the Pensions and Annuity Fund otherwise permissible funds, provided that each transfer of funds into the Pension Stabilization Account is, in the opinion of the Chief Financial Officer, feasible and prudent, taking into account the then-current and projected state of the County's revenues and authorized expenditures; provided further that such transfers do not, in the aggregate, exceed $20,000,000 in FY20 and FY21; and
WHEREAS, such transfers for additional pension stabilization requires that the Chief Financial Officer notify the Board of Commissioners immediately upon such transfer; and
WHEREAS, the Budget Resolution provides that funds transferred into the Pension Stabilization Account shall be available for payment to the Annuity and Benefit Fund, provided the disbursement, receipt, and purposes of such funds are authorized through an interg...
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