|
16-2929
| 1 | | AMENDMENT TO TAXING DISTRICT DEBT DISCLOSURE ORDINANCE | Ordinance Amendment | PROPOSED ORDINANCE AMENDMENT
AMENDMENT TO TAXING DISTRICT DEBT DISCLOSURE ORDINANCE
WHEREAS, the terminology describing the reporting of pensions is updated according to accounting pronouncements recently issued by the Governmental Accounting Standards Board (GASB); and
WHEREAS, to improve the timeliness of reporting, taxing districts are required to submit financial data to the Office of the Cook County Treasurer within 30 days of issuance, rather than the previous static deadline of the last Tuesday in December; and
WHEREAS, to expedite the initial reporting of important pension information, taxing districts are required to initially electronically provide to the Office of the Cook County Treasurer by July 29, 2016 the most recent actuarial report(s) prepared for their Pension Plan(s).
NOW, THEREFORE, BE IT ORDAINED, by the Cook County Board of Commissioners, that Chapter 2 Administration, Article IV Officers and Employees, Division 4 Treasurer, Subdivision 1 In General, Section 2-243 of the Cook County Code is hereby amended as follows:
Sec. 2-243. Taxing district debt | recommend for approval | Pass |
Action details
|
Not available
|
|
16-3195
| 1 | | CALLING A PENSION COMMITTEE MEETING TO DISCUSS THE FISCAL YEAR 2015 ACTUARIAL VALUATION REPORTS FOR THE COOK COUNTY AND FOREST PRESERVE EMPLOYEES’ AND OFFICERS’ ANNUITY AND BENEFIT FUNDS; AN UPDATE ON THE IMPACT OF RECENT SUPREME COURT DECISIONS ON PENSIO | Resolution | PROPOSED SUBSTITUTE TO ITEM 16-3195
(Pension Committee 11/14/2017)
PROPOSED RESOLUTION
CALLING A PENSION COMMITTEE MEETING TO DISCUSS 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 will highlight the funded status and total unfunded pension liability each year; and,
WHEREAS, in 2015 the Cook County Board passed an increase in the Cook County Sales Tax with the intent to devote “90% of the funding to paying down the pension and the remaining 10% to debt service and infrastructure investments,” based on an alternative proposed pension funding schedule; and,
WHEREAS, the Illinois Supreme Court issued opinions regarding pension reform legislation in Illinois that may impact the Cook County Employees’ Annuity and Benefit Fund and the Forest Preserve District Employees’ Annuity and Benefit Fund of Cook County.
THEREFORE, BE IT RESOLVED, the Cook County Pension Committ | recommend for deferral | Pass |
Action details
|
Not available
|