SPRINGFIELD — A new law championed by State Senator Robert Martwick will secure the finances of the Cook County Pension Fund and protect taxpayers.
“President Toni Preckwinkle’s willingness to enshrine fiscal responsibility in the law should be the example that every elected leader seeks to duplicate,” said Martwick (D-Chicago). “I am thrilled that I could work with her to pass this impactful legislation.”
The law 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. These provisions set a standard to ensure that plans provide benefits equal to Social Security for employees who would not be covered by the program.
Under the new law, the CCPF will be required to retain an actuary in good standing who would create an annual report to ensure it is properly funded.
“By ensuring the solvency of pension funds, taxpayers are protected from future property tax hikes and economic shocks, while guaranteeing that our dedicated public servants receive the retirement security they’ve earned” Martwick said.
House Bill 2352 was signed into law on Friday.