Vote Smart's Synopsis:

Vote to pass a bill that amends Cook County pension laws.

Highlights:

• Establishes an annuitant healthcare trust including a budget stabilization fund for the purposes of financing and providing healthcare benefits to eligible annuitants in Cook County and the Cook County Preserve District (Sec. 5).

• Requires a deposit of $40 million from Cook County and $10 million from the Cook County Forest Preserve District for the budget stabilization fund, no later than January 1, 2016 (Sec. 5).

• Requires Cook County to contribute $50 million to the annuitant healthcare trust in fiscal year 2016 and in every year thereafter (Sec. 5).

• Requires the $50 million contribution by Cook County to be increased by the annual unadjusted percentage increase in the Consumer Price Index, beginning January 1, 2017 (Sec. 5). 

• Requires the current finance-and-benefit regime of funding County and District pensions to undergo certain changes including, but not limited to, the following changes (Sec. 50):
• Require a County contribution that is greater than 190 percent of the contributions made by its’ active employees; and
• Require a District contribution that is greater than 175 percent of the contributions made by its active employees.

• Authorizes certain Tier 2 employees who became members of a reciprocal retirement system or pension fund after January 1, 2011 to receive a retirement annuity if he or she has attained age 67 and has at least 10 years of public service (Sec. 60).

• Requires the retirement annuities of certain Tier 2 employees, retiring after age 62 with at least 10 years of public service, to be reduced by one-half of 1 percent for each full month that the employee’s age is under age 67 (Sec. 60).

• Authorizes certain Tier 1 employees who have less than 30 years of service to receive retirement annuities under the following conditions (Sec. 60):
• The employee has reached age 60 for annuities beginning in 2015;
• The employee has reached age 61 for annuities beginning in 2016 or 2017;
• The employee has reached age 62 for annuities beginning in 2018 or 2019;
• The employee has reached age 63 for annuities beginning in 2020 or 2021;
• The employee has reached age 64 for annuities beginning in 2022 or 2023; or
• The employee has reached age 65 for annuities beginning in 2024 or thereafter.

• Authorizes certain Tier 1 employees who have at least 30 years of service to receive retirement annuities under the following conditions (Sec. 60):
• The employee has reached age 50 for annuities beginning in 2015;
• The employee has reached age 51 for annuities beginning in 2016 or 2017; 
• The employee has reached age 52 for annuities beginning in 2018 or 2019;
• The employee has reached age 53 for annuities beginning in 2020 or 2021;
• The employee has reached age 54 for annuities beginning in 2022 or 2023; or
• The employee has reached age 55 for annuities beginning in 2024 or thereafter.

• Authorizes a Tier 1 or Tier 2 county security officer who has at least 10 years of service to receive retirement annuities under the following conditions (Sec. 60):
• The officer has reached age 60 for annuities beginning in 2015;
• The officer has reached age 61 for annuities beginning in 2016 or 2017; and
• The officer has reached age 62 for annuities beginning in 2018 or thereafter.

Full Bill Text