Cook County, Illinois General Obligation Refunding Bonds
Retirement Fund Overview
The County is fully committed to making supplemental contributions to its Retirement Fund
Employees' and Officers' Annuity and Benefit Fund of Cook
County (the "Retirement Fund") established under Illinois
Pension Code (the “Code”), is a separate legal entity from
the County
The Code currently limits County and employee contributions
to the Retirement Fund based on a percentage of payroll;
contributions are not determined on an actuarial basis
•
County contributions generally derived from property tax
("Pension Levy")
■Funded Ratio of the Retirement Fund has been relatively
stable over the past 5 years at 64-67%
County has made supplemental contributions to the
Retirement Fund starting in 2016 to independently shore-up
funding²
•
Funded by increase in Home Rule Sales Tax from 0.75%
to 1.75%
Actuarial
Retirement Fund Status 1
Pension
Pension & OPEB
$16.9 billion
$19.1 billion
Accrued Liability
Actuarial Value
of Assets
$11.0 billion
$12.8 billion
$6.0 billion
$6.3 billion
64.8%
67.2%
7.5%
UAAL
Funded Ratio
Investment Rate
Assumed
Current
Statutory
Contribution
($mm)
800
=
Pension Levy 1.54x Employee
Contribution 2 years prior
Historical Retirement Fund Contributions1
Statutory
Supplemental
Funded Ratio (RHS)
70%
1.
2.
of coo
•
FY 2022 contribution of $324.2 million
No legal challenges to supplemental funding have been
filed to date
600
400
Under current statutes and actuarial assumptions,
Retirement Fund expected to deplete its assets by 2054
absent action; projection assumes no further supplemental
contributions
200
0
2012
2014
2016
2018
2020
Source: Retirement Fund ACFR for the fiscal year ended December 31, 2021 and the Actuarial Valuations of the Retirement Fund as of December 31, 2021. See also Appendix B to
Preliminary Official Statement dated August 3, 2022. Amounts rounded.
See Appendix B to Preliminary Official Statement dated August 3, 2022 for information on supplemental contributions to Retirement Fund not included in this projection.
CO
16
65%
60%
55%
50%View entire presentation