CHICAGO - Today, the Cook County Pension Fund released its 2011 financial and actuarial reports showing that the pension funded status is now 57.54%, a 3.2% decrease from the 60.7% 2010 funded status. This continues the declining trend for the Cook County Pension Fund over the last decade which has seen a funded status decrease from 90% in 2000 to its present level of 57.54%.

The decrease in funded status is largely due to a low investment return rate of 1.2%. The Cook County Pension Fund assumes that the fund will receive an investment return rate of 7.5%.  "Without meaningful pension reforms the Cook County Pension fund will not be able to promise a secure retirement for employees and a sustainable system for taxpayers," said Bridget Gainer, Cook County Commissioner (D-10), chair of the County Subcommittee on Pensions, "Every year that goes by that we do not address the growing unfunded liabilities the more draconian solutions will be needed to find sustainable solutions."

Commissioner Gainer recently launched www.OpenPensions.org, an open data pension website for the Cook County Pension Fund as a call to action for retirees, taxpayers and current employees to participate in the pension reform discussion. "In order to find a solution to our pension problem we have to change the way we have the conversation. Workers who rely on a pension from the County should be fully informed and actively involved in the discussions about any changes that will affect their retirement," said Gainer. "The path forward must begin by defining a sustainable level retirement security. It is critical that all stakeholders define the level of benefit required to provide a sustainable retirement and restore pension solvency."

President Preckwinkle created Cook County's first committee dedicated to pension and has partnered with Chairman Gainer and the Cook County Board to advance pension reforms at the County level. "The downward trend of our funding ratio is a stark indication of the urgent need for pension reform at the State level.  We owe it to the employees who have paid into the system and the taxpayers who are frustrated with the status quo to make comprehensive changes that will make the system sustainable.  I urge the members of the General Assembly to move swiftly to enact responsible legislation," said Cook County Board President Toni Preckwinkle.

"There is not a one-size fits all solution for pension reform in Illinois. Each fund will need to devise local solution. There are no shortcuts or quick fixes that can trump collaboration, hard work and the tough decisions that it takes to overcome a problem that has been this long in the making" said Gainer.  Without any reform to the Cook County pension system the fund is expected to become insolvent by 2038, jeopardizing the retirements of thousands of county workers and potentially leaving taxpayers on the hook for a huge bailout.

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• Read the full proposal: Commissioner Bridget Gainer - Cook County Land Bank Proposal.pdf
• Background Information on the proposal: Commissioner Bridget Gainer - Cook County Land Bank Proposal Background.pdf
• View the presentation: Commissioner Bridget Gainer - Cook County Vacant Building Ordinance & Cook County Land Bank.pdf

The New York Times recently cited Cook County as having largest inventory of foreclosed property in the nation. Based on the most recent census 9.16% or 199,778 housing units are currently vacant in Cook County. In addition, there are an estimated 78,014 foreclosures cases currently pending in the Circuit Court of Cook County, an almost 300% increase since 2005, of which 90% end in default judgments, where the homeowner does not appear in court. To address the current vacancies and the coming tidal wave of vacant buildings in our future I propose the creation of a Cook County Land Bank. The purpose of a land bank is not only to return vacant and foreclosed property back to active and reliable tax paying status, but also to be a catalyst to foster quality economic and affordable housing developments that will provide long-term community stabilization, revitalization and preservation.

This is a map which shows the borders of Cook County, Illinois and the borders of its townships. (Photo credit: Wikipedia)

On Saturday, April 21, 2012, you and community groups in your area can make an immediate difference in your neighborhood by volunteering your time and efforts to take part in Chicago's Citywide Clean & Green Day. For more than two decades, Chicagoans like yourself have teamed up with community groups and the City of Chicago to help beautify your communities by cleaning up and recycling accumulated litter & trash. All you have to do is sign up and join us at a location close to you that could really use a good cleaning. 

The City will work with you and your community organization to provide use on that day of all the brooms, rakes, shovels and bags needed to get the job done. Join us on April 21st and help make a big difference in your neighborhood.

To register, you can complete the Registration Form (see below) and e-mail it to clean&green@cityofchicago.org or fax it (312) 744-1017.

• 2012 Chicago Clean & Green Day Registration Form.pdf