Cook County Public Pension Crisis Worsens

Back on April 9, 2012, I blogged about the public pension crisis in Cook County, Illinois. From that post:

Chicago, Cook County, and Illinois- a trifecta of serious financial concerns.

Hal Dardick talked about all three entities and their growing pension problems early this morning on the Chicago Tribune website:

Cook County’s pension fund will go broke in 26 years without changes that could include an increase in employee contributions and later retirement ages, according to a new analysis.

The report, done under the direction of county Commissioner Bridget Gainer in her role as chairwoman of the board’s pension-oversight panel, shows that it’s not just state and city pension funds that have perilous futures.

Even if the county fund generally is in better shape, Gainer said, that doesn’t mean the county can continue to ignore a funding gap that had grown to $5.2 billion by the end of 2010. That’s seven times the size it was a decade earlier

(Editor’s note: Italics added for emphasis)

The public pension crisis in the country’s second most populous county has grown worse since I posted that, with the funding gap now having reached $6.79 billion. Paul Merrion revealed on the Crain’s Chicago Business website Wednesday:

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.

(Editor’s note: Italics added for emphasis)

I anticipate Cook County’s financial woes will make themselves known well before that 2034 date. County residents and businesses should plan accordingly.

By Christopher E. Hill, Editor
Survival And Prosperity (www.survivalandprosperity.com)

Source:

Merrion, Paul. “Cook County pension woes worsen.” Crain’s Chicago Business. 8 May 2013. (http://www.chicagobusiness.com/article/20130508/NEWS02/130509769/cook-county-pension-woes-worsenwww.sj-r.com). 10 May 2013.

Share

Tags: , , , , ,

Friday, May 10th, 2013 Debt Crisis, Entitlements, Government, Retirement
Survival And Prosperity
Est. 2010, Chicagoland, USA
Christopher E. Hill, Editor

Successor to Boom2Bust.com
"The Most Hated Blog On Wall Street"
(Memorial Day Weekend 2007-2010)

PLEASE RATE this blog HERE,
and PLEASE VOTE for the blog below:



Thank you very, very much!
Advertising Disclosure here. Ad captions last reviewed/updated 2/23/17.
ANY CHARACTER HERE
Freeze Dried Food PRESIDENTS' DAY SALE! 15% OFF EVERYTHING (coupon code- home page); Free Shipping (domestic orders). Review coming soon.
ANY CHARACTER HERE
Family-Owned & Operated in Chicago Suburbs! SAVE 10% OFF ALL ITEMS (promo code- home page); Free Shipping (U.S. orders) & Returns. Review coming soon.
ANY CHARACTER HERE
Buy Gold And Silver Coins U.S. GOLD (BULLION) COIN/BAR SALE!; 90% Junk Silver Sale; Secondary Market Silver Sale (1 oz. coins, 1 oz., 10 oz., & 100 oz. bars); World Gold Bullion Coins/Bars also on sale; Free Shipping on U.S. orders $99 and up (only $5.95 below $99!). BGASC reviewed HERE.
ANY CHARACTER HERE
BullionVault World's Largest Online Investment Gold Service taking care of $2 billion for over 65,000 users from 175 countries. BullionVault.com reviewed HERE.
ANY CHARACTER HERE
PRESIDENTS' DAY SALE! 1-WEEK EMERGENCY FOOD SUPPLY $17.76; SAVE 20% OFF ALL #10 CANS; Big Savings on "Deal Of The Day" page; Free Shipping on orders over $79. MyPatriotSupply.com reviewed HERE.
ANY CHARACTER HERE
bullet proof vestsWorld's First Bulletproof Baseball Cap only $129; Bulletproof Ceramic Plate (NIJ Level III Stand-Alone) only $169; Bulletproof Backpack/Messenger Bag Panel only $99. BulletSafe reviewed HERE.
ANY CHARACTER HERE
Survival Titles Save 20% Discontinued Title Sale- Savings up to 75% Off Original Price. Paladin Press reviewed HERE.
ANY CHARACTER HERE
This project dedicated to St. Jude
Patron Saint of Desperate Situations



happyToSurvive

Categories

 

Archives

RSS Chris Hill’s Other Blog: Offshore Safe Deposit Boxes

  • Related Reading: Harrods Safe Deposit Article On The Huffington Post Website
    While putting together the list of offshore private vaults offering safe deposit boxes/lockers for this blog’s sister site, I learned that two of the best-known department stores in the world- Harrods and Selfridges in London, England- provided this service. Yesterday, The Huffington Post website published a piece about Harrods Safe Deposit, which opened in 1896 […]
  • Thoughts On Safe Deposit Box Article By The Straits Times
    Yesterday I came across an article on The Straits Times (Singapore) website entitled “Time to part ways with safe deposit boxes.” Business editor Lee Su Shyan wrote Sunday: Growing up, having a safe deposit box symbolised financial adulthood, even more than scoring that exclusive credit card. But that’s not a view shared by many nowadays. […]
  • Next Degussa Numis Day To Take Place February 23, 24
    Speaking of numismatics this morning, Degussa, a leading international player in the precious metals world which also offers safe deposit boxes (for customers) at branches in Germany, Singapore, Spain, and Switzerland, has posted information about the next Numis Day (first blogged about here) at their Geneva and Zurich showrooms. From their website: The Next Numis […]
  • Related Reading: Precious Metals, Collectible Coins Have Shined In The New Millenium
    Just recently, I brought up a MarketWatch piece that focused on rare coins as investments. Collectible coins are often placed in safe deposit boxes for safekeeping. Today, I want to point out a February 2 article on the website of Numismatic News that analyzed the performance of precious metals against U.S. stocks from the end […]
  • Latest Offshore Safe Deposit Box Promotions
    Here are the latest limited-time specials from offshore safe deposit box facilities listed on this blog’s sister site (link included to web page where each promotion is displayed): Asia Titanium Safe Deposit Box (Kota Kinabalu, Sandakan, and Tawau in Sabah, Malaysia)- “Senior citizens 60 years old and above enjoy 25% off safe deposit box rental.” […]