Status of Local Pension Funding Fiscal Year 2009: An Evaluation of Ten Local Government Employee Pension Funds in Cook County
February 10, 2011
This report analyzes basic financial data on ten major local government employee pension funds in Cook County. It is intended to provide lawmakers, pension trustees, pension fund members and taxpayers with the information they need to make informed decisions regarding public employee retirement benefits.
The report reviews fiscal year 2009 actuarial valuation reports and financial statements of the retirement plans for the City of Chicago, Chicago Park District, Chicago Public Schools, Cook County, Cook County Forest Preserve District, Metropolitan Water Reclamation District and the Chicago Transit Authority. It finds that between FY2000 and FY2009 aggregate unfunded liabilities for the ten funds increased by $19.1 billion, rising from $3.8 billion to $22.9 billion, or $7,098 per Chicago resident. This report also describes the pension reform laws enacted by the State of Illinois in 2010, including Public Act 96-1495 and Public Act 96-0889.