Cook County Pensions
Cook County has three public pension funds: for general employees, forest preserve workers and Metropolitan Water Reclamation District employees. The data below covers the Cook County Employees’ Annuity and Benefit Fund (CEABF), the pension fund for all Cook County employees.
The graphics below are based on data from the Commission on Government Forecasting and Accountability. COGFA publishes numbers that are based on official assumptions. The true state of Cook County’s pension funds, based on more conservative assumptions, is far worse than what is shown below.
The officially-reported shortfall of the Cook County Employees’ Annuity and Benefit Fund equaled $6.7 billion in 2020, a dramatic increase from $0.4 billion in 2000.
Cook County Employees’ Annuity and Benefit Fund pension shortfall, also called its unfunded liability, is the difference between the benefits the pension fund owes to employees ($18.4 billion in accrued liabilities) and the money they have on hand ($11.8 billion in assets). Learn more about unfunded liabilities.
CEABF’s fund was just 63.9 percent funded in 2020, meaning the fund had only 63 cents on hand for every dollar needed today to pay out future benefits. The funded ratio is calculated by dividing the fund’s $11.8 billion in assets by its $18.4 billion in accrued liabilities.
A healthy pension system is 100 percent funded. Any funding that drops below 60 percent, which the CEABF’s fund is close to, is often seen as a point of no return, or a tipping point, from which pension funds can’t recover.
If CEABF was a private sector fund, it would have been declared insolvent by now.
CEABF’s funded ratio has declined significantly since the year 2000, falling from 94.0 percent to 63.9 percent in 2020.
Appropriations to CEABF are now three times bigger than they were two decades ago. County taxpayers paid $509.2 million into the funds in 2020, compared to just $157.0 million in 2000.
Cook County doesn’t require government employees to pay more toward their pensions when the funds experience shortfalls. Instead, the entire burden is placed on taxpayers.
As Cook County’s pension crisis has worsened, taxpayer contributions have soared compared to the contributions of active County workers.
In 2000, taxpayer contributions to CEABF were 1.3 times employee contributions, $157 million vs. $120 million. Today, taxpayers are contributing almost 4 times more than employees, $509 million vs. $135 million.
Member demographics have a significant impact on a pension fund’s health. Taxpayers have to put in more money as the number of retirees receiving benefits grows compared to the number of active workers making contributions.
The number of active workers in CEABF has decreased from 26,540 to 19,102 between 2001 and 2020, down 28 percent. However, the number of retirees has increased, growing to 16,572 in 2020 from 8,767 in 2001, up 89 percent.
There are now just 1.2 active workers for every retiree compared to 3.0 workers per retiree in 2001.
The average salary for CEABF members has grown 67 percent over the last two decades. In 2000, the average Cook County employee salary equaled $48,039. By 2020, it had grown to $80,240.
By comparison, the median earnings of Cook County private sector workers were just $24,627 in 2000 and $41,042 in 2019.
Growing salaries result in growing pension benefits.
In 2000, the average Cook County Employee’s pension equaled $19,260. By 2020, it had grown to $49,656.
By comparison, the average Social Security benefits of Cook County private sector retirees grew from $10,469 in 2000 to $20,000 in 2019.
It’s important to note that the “average pension” shown above does not reflect the true generosity of the benefits that employees receive. The general average includes retirees who only worked for Cook County for a few years – and who therefore earned retirement benefits from other private or public sector jobs over their careers.
The best way to measure the true value of CEABF pensions is to only look at the benefits of retirees that spend a full career (30 years or more) working for the government and are unlikely to have earned additional retirement benefits from another job.
The annual pension for a recently retired, career employee (retired after 1/1/2017 with 30 or more years of service) is $60,762.
State law does not require the county to contribute enough money to the fund each year to avoid insolvency. According to official projections, the pension fund will run out of money by 2044.
And again, keep in mind that the projection below is based on the county’s optimistic investment assumptions. The true cost of Cook County employee pensions will likely be far larger than what is shown below.
Cook County has three public pension funds: for general employees, forest preserve workers and Metropolitan Water Reclamation District employees. The data below covers the Cook County Metro Water Reclamation District Retirement Fund (MWRDRF), the pension fund for all water reclamation employees.
The graphics below are based on data from the Commission on Government Forecasting and Accountability. COGFA publishes numbers that are based on official assumptions. The true state of Cook County’s pension funds, based on more conservative assumptions, is far worse than what is shown below.
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The officially-reported shortfall of the Metro Water Reclamation District Retirement Fund grew to $1.16 billion in 2020, up from just $157 million in 2000.
The Metro Water Reclamation District Retirement Fund pension shortfall, also called unfunded liabilities, is the difference between the benefits the pension fund owes to employees ($2.7 billion in accrued liabilities) and the money they have on hand ($1.6 billion in assets). Learn more about unfunded liabilities.
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MWRDRF’s fund was just 57 percent funded in 2020, meaning the fund had only 57 cents on hand for every dollar needed today to pay out future benefits. The funded ratio is calculated by dividing the fund’s $1.5 billion in assets by it’s $2.7 billion in accrued liabilities.
A healthy pension system is 100 percent funded. Any funding that drops below 60 percent is often seen as a point of no return, or a tipping point, from which pension funds can’t recover.
If MWRDRF was a private sector fund, it would have been declared insolvent several times over.
MWRDRF’s funded ratio has declined since the year 2000, falling from 87.6 percent to 57.3 percent in 2020.
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Appropriations to MWRDRF are three times bigger than they were two decades ago. County taxpayers paid $108 million into the funds in 2020, compared to $27 million in 2000.
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Cook County doesn’t require government employees to pay more toward their pensions when the funds experience shortfalls. Instead, the entire burden is placed on taxpayers.
As the MWRDRF pension crisis has worsened, taxpayer contributions have soared compared to the contributions of active County water reclamation workers.
In 2000, taxpayer contributions to MWRDRF were more than employee contributions, $27.4 million vs. $14.3 million. Today, taxpayers are contributing five times more than employees, $107.9 million vs. $21.0 million.
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Member demographics have a significant impact on a pension fund’s health. Taxpayers have to put in more money as the number of retirees receiving benefits grows compared to the number of active workers making contributions.
The number of active workers in MWRDRF has decreased from 2,137 to 1,769 between 2001 and 2020, down 17 percent. Meanwhile, the number of retirees has increased, growing to 1,917 in 2020 from 1,452 in 2001, up 32 percent.
There are now just 0.9 active workers for every retiree compared to 1.5 workers per retiree in 2001.
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The average salary for MWRDRF members has grown 66 percent over the last two decades. In 2001, the average metro water employee salary equaled $63,820. By 2020, it had grown to $106,316.
By comparison, the median earnings of a Cook County private sector workers were just $24,627 in 2000 and $41,042 in 2019.
Growing salaries result in growing pension benefits.
In 2001, the average MWRDRF pension equaled $36,842. By 2020, it had grown to $76,558.
By comparison, the average Social Security benefits of Cook County private sector retirees grew from $10,469 in 2000 to $20,000 in 2019.
It’s important to note that the “average pension” shown above does not reflect the true generosity of the benefits that water reclamation employees receive. The general average includes retirees who only worked for the MWRD for a few years – and who therefore earned retirement benefits from other private or public sector jobs over their careers.
The best way to measure the true value of metro water reclamation pensions is to only look at the benefits of retirees that spend a full career (30 years or more) working for the government and are unlikely to have earned additional retirement benefits from another job.
The annual pension for a recently retired, career metro water reclamation employee (retired after 1/1/2017 with 30 or more years of service) is $84,218.
Cook County has three public pension funds: for general employees, forest preserve workers and Metropolitan Water Reclamation District employees. The data below covers the Cook County Forest Preserve Employees’ Annuity and Benefit Fund (FPEABF), the pension fund for all Cook County Forest Preserve employees.
The graphics below are based on data from the Commission on Government Forecasting and Accountability. COGFA publishes numbers that are based on official assumptions. The true state of Cook County’s pension funds, based on more conservative assumptions, is far worse than what is shown below.
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The officially-reported shortfall of the Cook County Forest Preserve Employees’ Annuity and Benefit Fund grew to $145 million in 2020 from a surplus of $6.3 million in 2000.
The Cook County Forest Preserve Employees’ Annuity and Benefit Fund pension shortfall, also called unfunded liabilities, is the difference between the benefits the pension fund owes to employees ($355 million in accrued liabilities) and the money they have on hand ($210 million in assets). Learn more about unfunded liabilities.
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FPEABF’s fund was just 59 percent funded in 2020, meaning the fund had only 59 cents on hand for every dollar needed today to pay out future benefits. The funded ratio is calculated by dividing the fund’s $210 million in assets by it’s $355 million in accrued liabilities.
A healthy pension system is 100 percent funded. Any funding that drops below 60 percent is often seen as a point of no return, or a tipping point, from which pension funds can’t recover.
If FPEABF was a private sector fund, it would have been declared insolvent several times over.
FPEABF’s funded ratio has declined since the year 2000, falling from 103.7 percent to 59.1 percent in 2020.
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Appropriations to FPEABF have ranged between $2 million to $4.5 million a year since 2000. County taxpayers paid $4.0 million into the funds in 2020, compared to $3.0 million in 2000.
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Cook County doesn’t require government employees to pay more toward their pensions when the funds experience shortfalls. Instead, the entire burden is placed on taxpayers.
However, state law does not require the county to contribute enough money each year to properly fund the Forest Preserve Pensions. Taxpayer contributions have grown as they continue to track closely with the contributions of active employees.
In 2000, taxpayer contributions to FPEABF were less than employee contributions, $3.0 million vs. $3.1 million. Today, taxpayers are contributing 1.3 times more than employees, $4.0 million vs. $3.2 million.
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Member demographics have a significant impact on a pension fund’s health. Taxpayers have to put in more money as the number of retirees receiving benefits grows compared to the number of active workers making contributions.
The number of active workers in FPEABF has decreased from 708 to 521 between 2001 and 2020, down 26 percent. However, the number of retirees has increased, growing to 391 in 2020 from 246 in 2001, up 59 percent.
There are now just 1.3 active workers for every retiree compared to 2.9 workers per retiree in 2001.
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The average salary for FPEABF members has grown 59 percent over the last two decades. In 2000, the average Cook County Forest Preserve salary equaled $40,440. By 2020, it had grown to $67,486.
By comparison, the median earnings of Cook County private sector workers were just $24,627 in 2000 and $41,042 in 2019.
Growing salaries result in growing pension benefits.
In 2000, the average Cook County Employee’s pension equaled $19,620. By 2020, it had grown to $39,707.
By comparison, the average Social Security benefits of Cook County private sector retirees grew from $10,469 in 2000 to $20,000 in 2019.
It’s important to note that the “average pension” shown above does not reflect the true generosity of the benefits that forest preserve employees receive. The general average includes retirees who only worked for the forest preserve for a few years – and who therefore earned retirement benefits from other private or public sector jobs over their careers.
The best way to measure the true value of FPEABF pensions is to only look at the benefits of retirees that spend a full career (30 years or more) working for the government and are unlikely to have earned additional retirement benefits from another job.
The annual pension for a recently retired, career forest preserve employee (retired after 1/1/2017 with 30 or more years of service) is $51,149.
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State law does not require the county to contribute enough money to the fund each year to avoid insolvency. According to official projections, the pension fund will run out of money by 2043.
And again, keep in mind that the projection below is based on the county’s optimistic investment assumptions. The true cost of Cook County Forest Preserve pensions will likely be far larger than what is shown below.
[/vc_column_text][/vc_tta_section][/vc_tta_tabs] Cook County has three public pension funds: for general employees, forest preserve workers and Metropolitan Water Reclamation District employees. The data below covers the Cook County Employees’ Annuity and Benefit Fund (CEABF), the pension fund for all Cook County employees. The graphics below are based on data from the Commission on Government Forecasting and Accountability. COGFA publishes numbers that are based on official assumptions. The true state of Cook County’s pension funds, based on more conservative assumptions, is far worse than what is shown below. The officially-reported shortfall of the Cook County Employees’ Annuity and Benefit Fund equaled $6.7 billion in 2020, a dramatic increase from $0.4 billion in 2000. Cook County Employees’ Annuity and Benefit Fund pension shortfall, also called its unfunded liability, is the difference between the benefits the pension fund owes to employees ($18.4 billion in accrued liabilities) and the money they have on hand ($11.8 billion in assets). Learn more about unfunded liabilities.
CEABF’s fund was just 63.9 percent funded in 2020, meaning the fund had only 63 cents on hand for every dollar needed today to pay out future benefits. The funded ratio is calculated by dividing the fund’s $11.8 billion in assets by its $18.4 billion in accrued liabilities. A healthy pension system is 100 percent funded. Any funding that drops below 60 percent, which the CEABF’s fund is close to, is often seen as a point of no return, or a tipping point, from which pension funds can’t recover. If CEABF was a private sector fund, it would have been declared insolvent by now.
CEABF’s funded ratio has declined significantly since the year 2000, falling from 94.0 percent to 63.9 percent in 2020.
Appropriations to CEABF are now three times bigger than they were two decades ago. County taxpayers paid $509.2 million into the funds in 2020, compared to just $157.0 million in 2000.
Cook County doesn’t require government employees to pay more toward their pensions when the funds experience shortfalls. Instead, the entire burden is placed on taxpayers. As Cook County’s pension crisis has worsened, taxpayer contributions have soared compared to the contributions of active County workers. In 2000, taxpayer contributions to CEABF were 1.3 times employee contributions, $157 million vs. $120 million. Today, taxpayers are contributing almost 4 times more than employees, $509 million vs. $135 million.
Member demographics have a significant impact on a pension fund’s health. Taxpayers have to put in more money as the number of retirees receiving benefits grows compared to the number of active workers making contributions. The number of active workers in CEABF has decreased from 26,540 to 19,102 between 2001 and 2020, down 28 percent. However, the number of retirees has increased, growing to 16,572 in 2020 from 8,767 in 2001, up 89 percent. There are now just 1.2 active workers for every retiree compared to 3.0 workers per retiree in 2001.
The average salary for CEABF members has grown 67 percent over the last two decades. In 2000, the average Cook County employee salary equaled $48,039. By 2020, it had grown to $80,240. By comparison, the median earnings of Cook County private sector workers were just $24,627 in 2000 and $41,042 in 2019.
Growing salaries result in growing pension benefits. In 2000, the average Cook County Employee’s pension equaled $19,260. By 2020, it had grown to $49,656. By comparison, the average Social Security benefits of Cook County private sector retirees grew from $10,469 in 2000 to $20,000 in 2019.
It’s important to note that the “average pension” shown above does not reflect the true generosity of the benefits that employees receive. The general average includes retirees who only worked for Cook County for a few years – and who therefore earned retirement benefits from other private or public sector jobs over their careers. The best way to measure the true value of CEABF pensions is to only look at the benefits of retirees that spend a full career (30 years or more) working for the government and are unlikely to have earned additional retirement benefits from another job. The annual pension for a recently retired, career employee (retired after 1/1/2017 with 30 or more years of service) is $60,762.
State law does not require the county to contribute enough money to the fund each year to avoid insolvency. According to official projections, the pension fund will run out of money by 2044. And again, keep in mind that the projection below is based on the county’s optimistic investment assumptions. The true cost of Cook County employee pensions will likely be far larger than what is shown below.
Cook County has three public pension funds: for general employees, forest preserve workers and Metropolitan Water Reclamation District employees. The data below covers the Cook County Metro Water Reclamation District Retirement Fund (MWRDRF), the pension fund for all water reclamation employees. The graphics below are based on data from the Commission on Government Forecasting and Accountability. COGFA publishes numbers that are based on official assumptions. The true state of Cook County’s pension funds, based on more conservative assumptions, is far worse than what is shown below. The officially-reported shortfall of the Metro Water Reclamation District Retirement Fund grew to $1.16 billion in 2020, up from just $157 million in 2000. The Metro Water Reclamation District Retirement Fund pension shortfall, also called unfunded liabilities, is the difference between the benefits the pension fund owes to employees ($2.7 billion in accrued liabilities) and the money they have on hand ($1.6 billion in assets). Learn more about unfunded liabilities.
__________________________________________________________________________ MWRDRF’s fund was just 57 percent funded in 2020, meaning the fund had only 57 cents on hand for every dollar needed today to pay out future benefits. The funded ratio is calculated by dividing the fund’s $1.5 billion in assets by it’s $2.7 billion in accrued liabilities. A healthy pension system is 100 percent funded. Any funding that drops below 60 percent is often seen as a point of no return, or a tipping point, from which pension funds can’t recover. If MWRDRF was a private sector fund, it would have been declared insolvent several times over.
MWRDRF’s funded ratio has declined since the year 2000, falling from 87.6 percent to 57.3 percent in 2020.
__________________________________________________________________________ Appropriations to MWRDRF are three times bigger than they were two decades ago. County taxpayers paid $108 million into the funds in 2020, compared to $27 million in 2000. Cook County doesn’t require government employees to pay more toward their pensions when the funds experience shortfalls. Instead, the entire burden is placed on taxpayers. As the MWRDRF pension crisis has worsened, taxpayer contributions have soared compared to the contributions of active County water reclamation workers. In 2000, taxpayer contributions to MWRDRF were more than employee contributions, $27.4 million vs. $14.3 million. Today, taxpayers are contributing five times more than employees, $107.9 million vs. $21.0 million. Member demographics have a significant impact on a pension fund’s health. Taxpayers have to put in more money as the number of retirees receiving benefits grows compared to the number of active workers making contributions. The number of active workers in MWRDRF has decreased from 2,137 to 1,769 between 2001 and 2020, down 17 percent. Meanwhile, the number of retirees has increased, growing to 1,917 in 2020 from 1,452 in 2001, up 32 percent. There are now just 0.9 active workers for every retiree compared to 1.5 workers per retiree in 2001.
__________________________________________________________________________ The average salary for MWRDRF members has grown 66 percent over the last two decades. In 2001, the average metro water employee salary equaled $63,820. By 2020, it had grown to $106,316. By comparison, the median earnings of a Cook County private sector workers were just $24,627 in 2000 and $41,042 in 2019.
Growing salaries result in growing pension benefits. In 2001, the average MWRDRF pension equaled $36,842. By 2020, it had grown to $76,558. By comparison, the average Social Security benefits of Cook County private sector retirees grew from $10,469 in 2000 to $20,000 in 2019.
It’s important to note that the “average pension” shown above does not reflect the true generosity of the benefits that water reclamation employees receive. The general average includes retirees who only worked for the MWRD for a few years – and who therefore earned retirement benefits from other private or public sector jobs over their careers. The best way to measure the true value of metro water reclamation pensions is to only look at the benefits of retirees that spend a full career (30 years or more) working for the government and are unlikely to have earned additional retirement benefits from another job. The annual pension for a recently retired, career metro water reclamation employee (retired after 1/1/2017 with 30 or more years of service) is $84,218.
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The graphics below are based on data from the Commission on Government Forecasting and Accountability. COGFA publishes numbers that are based on official assumptions. The true state of Cook County’s pension funds, based on more conservative assumptions, is far worse than what is shown below.
__________________________________________________________________________
The officially-reported shortfall of the Cook County Forest Preserve Employees’ Annuity and Benefit Fund grew to $145 million in 2020 from a surplus of $6.3 million in 2000.
The Cook County Forest Preserve Employees’ Annuity and Benefit Fund pension shortfall, also called unfunded liabilities, is the difference between the benefits the pension fund owes to employees ($355 million in accrued liabilities) and the money they have on hand ($210 million in assets). Learn more about unfunded liabilities.
__________________________________________________________________________
FPEABF’s fund was just 59 percent funded in 2020, meaning the fund had only 59 cents on hand for every dollar needed today to pay out future benefits. The funded ratio is calculated by dividing the fund’s $210 million in assets by it’s $355 million in accrued liabilities.
A healthy pension system is 100 percent funded. Any funding that drops below 60 percent is often seen as a point of no return, or a tipping point, from which pension funds can’t recover.
If FPEABF was a private sector fund, it would have been declared insolvent several times over.
FPEABF’s funded ratio has declined since the year 2000, falling from 103.7 percent to 59.1 percent in 2020.
__________________________________________________________________________
Appropriations to FPEABF have ranged between $2 million to $4.5 million a year since 2000. County taxpayers paid $4.0 million into the funds in 2020, compared to $3.0 million in 2000.
__________________________________________________________________________
Cook County doesn’t require government employees to pay more toward their pensions when the funds experience shortfalls. Instead, the entire burden is placed on taxpayers.
However, state law does not require the county to contribute enough money each year to properly fund the Forest Preserve Pensions. Taxpayer contributions have grown as they continue to track closely with the contributions of active employees.
In 2000, taxpayer contributions to FPEABF were less than employee contributions, $3.0 million vs. $3.1 million. Today, taxpayers are contributing 1.3 times more than employees, $4.0 million vs. $3.2 million.
__________________________________________________________________________
Member demographics have a significant impact on a pension fund’s health. Taxpayers have to put in more money as the number of retirees receiving benefits grows compared to the number of active workers making contributions.
The number of active workers in FPEABF has decreased from 708 to 521 between 2001 and 2020, down 26 percent. However, the number of retirees has increased, growing to 391 in 2020 from 246 in 2001, up 59 percent.
There are now just 1.3 active workers for every retiree compared to 2.9 workers per retiree in 2001.
__________________________________________________________________________
The average salary for FPEABF members has grown 59 percent over the last two decades. In 2000, the average Cook County Forest Preserve salary equaled $40,440. By 2020, it had grown to $67,486.
By comparison, the median earnings of Cook County private sector workers were just $24,627 in 2000 and $41,042 in 2019.
Growing salaries result in growing pension benefits.
In 2000, the average Cook County Employee’s pension equaled $19,620. By 2020, it had grown to $39,707.
By comparison, the average Social Security benefits of Cook County private sector retirees grew from $10,469 in 2000 to $20,000 in 2019.
It’s important to note that the “average pension” shown above does not reflect the true generosity of the benefits that forest preserve employees receive. The general average includes retirees who only worked for the forest preserve for a few years – and who therefore earned retirement benefits from other private or public sector jobs over their careers.
The best way to measure the true value of FPEABF pensions is to only look at the benefits of retirees that spend a full career (30 years or more) working for the government and are unlikely to have earned additional retirement benefits from another job.
The annual pension for a recently retired, career forest preserve employee (retired after 1/1/2017 with 30 or more years of service) is $51,149.
________________________________________________________________________
State law does not require the county to contribute enough money to the fund each year to avoid insolvency. According to official projections, the pension fund will run out of money by 2043.
And again, keep in mind that the projection below is based on the county’s optimistic investment assumptions. The true cost of Cook County Forest Preserve pensions will likely be far larger than what is shown below.