OFFICE OF COOK COUNTY BOARD PRESIDENT
For Immediate Release
December 3, 2013
Statement From President Preckwinkle On The Passage Of State Pension Reform
“I commend the bipartisan group of lawmakers who voted for legislation to address the pension systems for state workers, teachers outside Chicago and public university employees. I know this was a difficult vote for many, but a problem that has been a generation in the making required a tough decision today.
“Now that lawmakers have passed a bill that tackles state funds, it is time to resolve the crisis facing many of Illinois’ local pension systems. The Cook County Retirement Fund’s unfunded liability grew by $1 billion last year. The financial health of Cook County pensions will continue to deteriorate without state legislation.
“There is no one-size-fits-all approach – each retirement system is unique. My administration’s goal is to resolve this crisis with a solution that protects taxpayers and the retirement security of County employees.”