SPRINGFIELD — Legislation passed by State Senator Robert Martwick will secure the finances of the Cook County Pension Fund and protect taxpayers.
“Thanks to the incredible dedication and fiscal discipline implemented by President Toni Preckwinkle and her administration, the Cook County Pension Fund is one of the few pension systems in the state whose fund balance has improved over the course of the last decade,” said Martwick (D-Chicago). “This measure ensures that retirees will receive the benefits they have earned and protects taxpayers from future property tax increases by codifying these fiscally responsible practices.”
The measure makes various changes to the Cook County Pension Fund, most notably requiring an actuarially determined contribution and adjusting benefits to ensure compliance with the social security safe-harbor provision.
Martwick’s measure would require the CCPF to retain an actuary in good standing who would create an annual report to ensure the Fund is properly funded.
“This measure is another big step toward a fiscally responsible state and county, and I feel incredibly privileged to be able to be a part of it,” Martwick said.
House Bill 2352 passed in the Senate Friday.