Solvency of Cook County’s pension funds deteriorated in the last fiscal year, according to a new report, and county commissioners are pressing anew for reforms.
The county’s main Employees’ Annuity and Benefit Fund saw its pension debt grow to $6.79 billion, up $969.5 million last year and an increase of $1.6 billion in the gap between assets and liabilities since 2010. The plan is only 53.5 percent funded, down from 57.5 percent in fiscal 2011, and the fund is projected to be insolvent by 2034.
A smaller fund for forest preserve workers will be insolvent by 2031, with only 56.7 percent of the assets needed to cover future benefits, down from 61.6 percent last year, according to the actuarial report released last week.
Read more in Crain’s Chicago Business.
