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Landmark pension reform legislation backed by Cook County Board President Preckwinkle to responsibly ensure full funding of the County’s pension obligations was signed into law today by Illinois Governor J.B. Pritzker.
"This is a historic and important step to make sure County pensions are fully funded,” said President Preckwinkle. “I am thankful to Governor Pritzker for signing this meaningful legislation, Senator Robert Martwick and House Leader Marcus Evans for their advocacy and our dedicated finance team for their hard work to confront our pension challenges.”
Now law, the County pushed for House Bill 2352 to build on the success of its supplemental contributions that have increased pension funding levels by $2.3 billion. The pension system is estimated to now have enough funding to cover more than 65% of its future liabilities – up significantly since its introduction in 2016. The County has been making larger pension fund contributions than state law requires over the last seven years through an intergovernmental agreement (IGA) and wanted to make this annual agreement permanent.
To enshrine the County’s commitment to fully fund its pension obligations and avoid insolvency, the County worked with lawmakers, the County Pension Fund and various other stakeholders to have the contribution schedule in the IGA codified in state statute to help reach a 100% funded pension system in the next 30 years.
All pension payments will be covered exclusively by the County with no cost to the state. As part of the new law, the County can now use any funding source for pension fund contributions, not just property tax revenues, to provide flexibility.
“I am pleased to be signing this important reform into law and commend President Preckwinkle’s commitment to responsibly tackling Cook County’s pension challenges as well as ensuring veterans receive the pension credit they deserve,” said Gov. J.B. Pritzker.
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Paid for by Preckwinkle for President. A copy of our report filed with the State Board of Elections is (or will be) available on the Board's official website, [link removed] [[link removed]] , or for purchase from the State Board of Elections, Springfield, Illinois. All contributions are reported to the State Board of Elections. Contributions are not accepted from employees of Cook County. Companies holding contracts with the Cook County are limited to $750.
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Preckwinkle For President
1516 E. 53rd St.
Chicago, IL 60615
United States

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