Preckwinkle outlines Cook County pension options

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April 10, 2014 7:04:11 AM PDT
A race to prevent another credit downgrade for Cook County as a pension plan takes shape.

Board President Toni Preckwinkle says she is looking at many options for the underfunded system and everything is on the table. She is leaving the door open to a property tax increase, and the Tribune reports she is also looking at increasing county employee retirement contributions by at least 2 percentage points.

Also, future retirees, not current ones, would get less in yearly cost-of-living increases, and the plan would raise the retirement age by five years. Preckwinkle wouldn't rule anything out

"We're looking at all the options. Everything is on the table. I want to say again, we have been fairly creative over the last four years in finding revenue sources and in looking at ways to do things more efficiently," she said.

The county has two weeks to put its plan together and get something to Springfield, which would mean there could be a chance of getting something passed this legislative session.


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