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PROPOSED INTERGOVERNMENTAL AGREEMENT
Department: Bureau of Finance
Other Part(ies): Cook County and The County Officers’ and Employees’ Annuity and Benefit Fund
Request: Authorization to enter into and execute the Intergovernmental Agree (IGA) for FY 2023, relative to the County’s proposed additional appropriation to the Pension Fund, enabled by a portion of sales tax revenue.
Goods or Services: Describe what the County or other party is giving or receiving
Agreement Number(s): N/A
Agreement Period: From the date of execution through 11/30/2023
Fiscal Impact: Impact occurs in FY 2023 on a monthly basis beginning on 12/31/2022 in the amount of $24,000,000.00. Subsequent disbursements of the Additional Funds shall be made as follows: $24,000,000.00 on or before the last day of the month during January through October of 2023; and $27,690,964 on or before November 30, 2023.
Accounts: 11000.1490.33840.580033.00000.
Summary: This proposed IGA would reflect the County’s commitment to appropriate an additional $291,690,964.00 to the Pension Fund. This agreement requires the Pension Fund to continue its commitment to providing the County Board with actuarial data and certain reporting on its relative investment performance. This FY 2023 IGA is in the same form as the FY 2022 IGA, as previously approved by the County Board, with revisions based on the total amount of the additional contribution and the payment of that amount over the course of a year. The IGA reflects the undertaking of the County Board and the County Board President when the decision was made to increase sales tax by 1%.
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