COUNTY EMPLOYEES' ANNUITY AND BENEFIT FUND OF COOK COUNTY ACTUARIAL VALUATION AS OF DECEMBER 31,2011

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1 COUNTY EMPLOYEES' ANNUITY AND BENEFIT FUND OF COOK COUNTY ACTUARIAL VALUATION AS OF DECEMBER 31,2011

2 GOLDSTEIN & ASSOCIATES Actuaries and Consultants 29 SOUTH LaSALLE STREET CHICAGO, ILLINOIS PHONE (312) SUITE 735 FAX (312) April 25, 2012 Board of Trustees County Employees' Annuity and Benefit Fund of Cook County 33 North Dearborn Street, Suite 1000 Chicago, Illinois Re: Actuarial Valuation as of December 31, 2011 Dear Board Members: We are pleased to submit our actuarial report on the financial position and funding requirements of the County Employees' Annuity and Benefit Fund of Cook County based on the actuarial valuation as of December 31,2011. The report consists of 10 Sections and 4 Appendices as follows: Section A - Purpose and Summary Section B - Data Used For Valuation Section C - Fund Provisions Section D - Actuarial Assumptions and Cost Method Section E - Actuarial Liability Section F - Reconciliation of Change in Unfunded Liability Section G - Employer's Normal Cost Section H - Actuarially Determined Contribution Requirement Section I - Solvency Test Section J - Certification Appendix 1 - Summary of Actuarial Assumptions and Actuarial Cost Method Appendix 2 - Summary of Principal Provisions Appendix 3 - Glossary of Terms Appendix 4 - Summary of Legislative Changes Page No We would be pleased to discuss any aspects of this report with you at your convenience. Respectfully submitted, Sander Goldstein, Consulting Actuary MAAA Carl J. Smedinghoff, ASA Actuaiy

3 A. PURPOSE AND SUMMARY For purposes of GASB Statement No. 25 and GASB Statement No. 43, we have performed separate actuarial valuations of the pension benefits and retiree health insurance benefits provided by the County Employees' Annuity and Benefit Fund of Cook County and have prepared actuarial reports based on these valuations. As has been done in past years, we have also performed a combined actuarial valuation of the pension and retiree health insurance benefits provided by the Fund to measure the overall funded status and contribution requirements of the Fund. We believe that such a combined valuation is required under Section of the Illinois Pension Code which provides that the Fund shall submit a report each year "containing a detailed statement of the affairs of the Fund, its income and expenditures, and assets and liabilities ". This report is intended to present the results of the combined valuation. The results of the combined valuation are summarized below: 1. Total Actuarial Liability $ 13,724,012, Actuarial Value of Assets 7,897,102, Unfunded Actuarial Liability 5,826,910, Funded Ratio 57.5% 5. Employer's Normal Cost for 2012 as a Percent of Payroll 12.46% 6. Actuarially Determined Contribution Requirement For Year Beginning January 1, ,800, Expected Employer Contribution from Tax Levy for ,372,210

4 B. DATA USED FOR THE VALUATION Participant Data. The participant data required to carry out the valuation was supplied by the Fund. The membership of the Fund as of December 31, 2011, on which the valuation was based, is summarized in Exhibit 1. It can be seen that there were 22,037 active contributors, 15,866 members receiving benefits, and 12,584 inactive members included in the valuation. The total active payroll as of December 31,2011 was $1,456,444,123.

5 EXHIBIT 1 Summary of Membership Data 1. Number of Members (a) Active Members (i) Vested (ii) Non-vested (iii) Total Active Members (b) Members Receiving (i) Retirement Annuities (ii) Surviving Spouse's Annuities (iii) Children's Annuities (iv) Ordinary Disability Benefits (v) Duty Disability Benefits (c) Inactive Members (d) Total Year Ending December 31, ,784 8,253 22,037 13,023 2, ,584 50,487 14, ,165 12,460 2, , Annual Salaries (a) Total Salary (b) Average Salary 3. Total Accumulated Contributions of Active Members 4. Annual Benefit Payments Currently Being Made (a) Retirement Annuities (b) Surviving Spouse's Annuities (c) Children's Annuities (d) Ordinary Disability Benefits (e) Duty Disability Benefits (f) Total Annual Benefit Payments $ 1,456,444,123 66,091 $1,641,038,477 $ 447,109,007 33,216, ,468 6,824,370 77,189 $ 487,885,546 $1,494,093,569 64,498 $ 1,639,114,558 $ 406,441,204 30,699, ,087 7,975, $ 445,909,273 An age and service distribution for active members is provided in Exhibit 2. A breakdown of retirement and surviving spouse annuitants classified by age is provided in Exhibit 3. Age and salary statistics for male and female active members are provided in Exhibit 4. Exhibit 5 provides similar age and salary statistics by age at entrance.

6 EXHIBIT 2 AGE AND SERVICE DISTRIBUTION OF ACTIVE MEMBERS Year 2011 Number of Members and Average Salaries by Age and Service Grouping (Male and Female Combined) Years of Service Age <i 1 to 4 5 to 9 10 to to to to to Total under $ $44,259 $43,817 $42, $ $48,666 $51,250 $45,657 $ $55,137 S $60,028 $ $ $ ,587 S $67,548 $ $ $60,394 $ $ $58,164 $62,611 $ $ $ $ $ $ S $60,190 $65,916 $ $ $69,809 $64,908 $67,861 S $61,785 $ $64,062 $68,641 $ $ $ $62,607 $ $ ,882 $ $ $60,833 $70,471 $ $ $79,096 $73,023 $ $ ,646 $95,084 $ $ $ $ $68,504 $69,025 $ $ $ $ $ $63,359 $68,049 $ $ $65,553 $73,795 $71,633 $ $ $98,888 $76,166 $ $ $ $55,440 $60,721 $ $ Number 1,036 3,076 4,141 4,165 3,989 3, Salary $ $ $64,154 $66,803 $ $ $72,568 $ $ $66.091

7 EXHIBIT 3 ANNUITANTS CLASSIFIED BY AGE AS OF DECEMBER 31, 2011 Retirement Annuities (Including Reciprocal) Age Under & up Totals Number ,374 2,852 2,410 1,829 1, ,023 Annual Payments $ 6,644 48,563 10,738,953 42,893,554 94,295, ,089,483 79,632,453 56,113,290 32,196,160 16,275,707 6,818,720 $ 447,109,007 Average Annual Payments $ 2,215 6,070 42,114 43,109 39,720 37,900 33,043 30,680 26,133 23,418 18,429 $ 34,332 Average Age 70.6 Surviving Spouses (Including Reciprocal) Age Under &up Totals Number ,409 Annual Payments $ 266, , ,113 2,816,962 3,518,891 4,578,043 4,934,638 5,215,647 4,737,056 3,810,796 2,066,319 $ 33,216,512 Average Annual Payments $ 7,016 8,244 10,379 14,015 16,216 17,676 15,137 13,908 13,651 12,745 9,656 $ 13,789 Average Age 73.5

8 EXHIBIT 4 SALARY AND AGE STATISTICS Ages and Salaries as of December 31, 2011 Age Number Male Annual Salaries Average Annual Salary Under 20 2 $ 46,261 $ 23, ,851,000 44, ,444,965 48, ,083 61,783,039 57, ,242 84,061,058 67, , ,462,316 70, , ,505,763 73, , ,608,560 76, ,189 93,081,579 78, ,850,717 25,324,084 74,627 75, and Over!89 13,555,626 71,723 Total Male 10,118 $ 706,574,968 $ 69,833 Female Under 20 1 $ 28,000 $ 28, ,765,213 40, ,253,344 46, ,039 60,655,935 58, ,345 84,618,882 62, , ,536,973 63, , ,399,500 64, , ,529,681 65, , ,593,815 66, ,343,112 63, ,853,795 59, and Over ,290,905 55,348 Total Female 11,919 $ 749,869,155 $ 62,914 Male and Female 22,037 $ 1,456,444,123 $ 66,091

9 EXHIBIT 5 SALARY AND AGE STATISTICS Ages and Salaries as of December 31, 2011 Ages at Entrance AP? at Entrance Number Under 25 1, , , , and Over 44 W/O Record Totals 10,118 Male Annual Salaries $ 129,230, ,139, ,200,048 90,225,839 55,744,020 39,681,179 28,796,964 20,374,630 7,827,793 4,354,933 - $ 706,574,968 Female Number Annual Salaries 2,040 3,059 2,115 1,731 1, $ 116,424, ,628, ,268, ,769,416 79,708,741 49,414,056 32,548,096 16,390,742 3,482,461 1,234,576-11,919 $ 749,869,155 Average Annual Salary Average Attained Age Average Service Average Age at Entrance $ 69, $ 62,

10 Assets. In November of 1994, the Governmental Accounting Standards Board (GASB) issued GASB Statement No. 25, which establishes standards of financial reporting for governmental pension plans. The statement is effective for periods beginning after June 15, Under GASB Statement No. 25, the actuarial value of assets to be used for determining a plan's funded status and annual required contribution needs to be market related. In determining the actuarial value of assets, smoothing changes in the market value of assets over a period of three to five years is considered to be appropriate. The asset values used for the valuation were based on the asset information contained in the financial statements for the Fund for the year ending December 31, The actuarial value of assets was determined by smoothing unexpected gains or losses over a period of 5 years. The resulting actuarial value of assets is $7.897,102,116. The development of this actuarial value of assets is outlined in Exhibit 6. The market value of assets as of December 31, 2011 amounted to $7,441,243,250. A reconciliation of asset values from the beginning of the year to the end of the year is provided in Exhibit 7.

11 EXHIBIT 6 Actuarial Value of Assets A. Development of Investment Gain for Market Value of Assets as of 12/31/2010 $ 7,574,653, Employer and Miscellaneous Contributions 212,951, Employee Contributions 127,577, Benefits and Expenses 556,640, Expected Market Value (Based on 7.5% assumed rate of return) 7,918,683, Actual Market Value 7,441,243, Investment Gain (Loss) (6-5) (477,440,319) B. Development of Actuarial Value of Assets as of 12/31/11 8. Market Value of Assets as of December 31, 2011 $ 7,441,243, Investment GaiiV(Loss) for 2008 (2,458,448,408) % of Gain/(Loss) for 2008 (491,689,681) 11. Investment Gain/(Loss) for ,068, % of Gain/(Loss) for ,627, Investment Gain/(Loss) for ,259, %ofGain/(Loss)for ,155, Investment Gain/(Loss) for 2011 (477,440,319) % of GaiiV(Loss) for 2011 ( ) 17. Actuarial Value of Assets as of December 31, 2011 ( ) S

12 EXHIBIT? RECONCILIATION OF ASSET VALUES - DECEMBER 31, 2011 NET ASSETS BEGINNING OF YEAR (A) ADDITIONS Contributions Cook County Employee Contributions Other Employer Federal Subsidized Programs Early Retirement Reinsurance Program Medicare Part D Subsidy & Prescription Rebates Miscellaneous Employee Transfer from Forest Preserve Total Contributions Investment Income Interest Alternative Investment Income Dividends Net Appreciation Securities Lending Total Investment Income Less Investment Fees Net Investment Income (I) Total Additions DEDUCTIONS Annuities and Benefits Employee Annuitants Surviving Spouse and Children Annuitants Ordinary Disability Benefits Duty Disability Benefits Group Health Benefits Total Annuities and Benefits Refunds of Employee Contributions Net Administrative Expenses Total Deductions NET INCREASE (DECREASE) NET ASSETS END OF YEAR (B) RATE OF RETURN -(2x1)- (A+B-I) RATE OF RETURN FOR YEAR ENDING 12/31/10 RATE OF RETURN FOR YEAR ENDING 12/31/09 RATE OF RETURN FOR YEAR ENDING 12/31/08 RATE OF RETURN FOR YEAR ENDING 12/31/07 MARKET $ 7,574,653, ,337, ,577,473 3,499,803 5,514,845 8,719, ,220 (328,586) 340,529, ,036,379 9,806,225 88,803,655 (108,798,586) 2,507,150 99,354,823 (16,653,790) 82,701, ,230, ,527,599 33,003,057 13,290, ,206 46,904, ,396,627 29,165,335 4,078, ,640,805 (133,410,362) 7,441,243, % 12.19% 16.91% % 6.22% ACTUARIAL $ 7,982,368, ,337, ,577,473 3,499,803 5,514,845 8,719, ,220 (328,586) 340,529, ,036,379 9,806,225 88,803,655 (60,654,767) 2,507, ,498,642 (16,653,790) 130,844, ,374, ,527,599 33,003,057 13,290, ,206 46,904, ,396,627 29, ,078, ,640,805 (85,266,543) S 7,897,102, % 2.86% 0.79% 1.48% 9.06% 10

13 C. FUND PROVISIONS Our valuation was based on the provisions of the Fund in effect as of December 31, 2011 as provided in Article 9 of the Illinois Pension Code. Senate Bill 1946, which was signed into law on April 14, 2010 as Public Act , created a "second tier" of benefits for employees who first become participants under the Fund on or after January 1, A summary of the principal provisions of the Fund on which the valuation was based is provided in Appendix 2. D. ACTUARIAL ASSUMPTIONS AND COST METHOD We have used the same actuarial assumptions for the December 31, 2011 actuarial valuation as were used for the December 31, 2010 valuation. These actuarial assumptions are based on an experience analysis of the Fund over the period 2005 through The actuarial assumptions used for the December 31, 2011 valuation are outlined in Appendix 1. In our opinion, the actuarial assumptions used for the valuation are reasonable, taking into account Fund experience and future expectations and represent our best estimate of anticipated experience. The entry age actuarial cost method was used for the December 31, 2011 valuation, with costs allocated on the basis of earnings. This is the same actuarial cost method that was used for the December 31, 2010 valuation. 11

14 E. ACTUARIAL LIABILITY The actuarial liability as determined under the valuation for the various classes of members is summarized in Exhibit 8. The total actuarial liability is then compared with the actuarial value of assets in order to arrive at the unfunded actuarial liability. As of December 31, 2011, the total actuarial liability is $13,724,012,399, the actuarial value of assets is $7,897,102,116 and the unfunded actuarial liability is $5,826,910,283. The ratio of the actuarial value of assets to the actuarial liability, or funded ratio, is 57.5%. 12

15 1. Actuarial Liability For Active Members EXHIBIT 8 Actuarial Liabilitv and Funded Status Year Ending December " 2010 (a) Basic Retirement Annuity $ 3,804,245,568 $ 3,828,137,890 (b) Automatic Increase in Retirement Annuity 1,157,228,670 1,161,328,844 (c) Additional Benefits Under Optional Plan 208,511, ,682,617 (d) Post-retirement Survivor's Annuity 421,954, ,528,524 (e) Pre-retirement Survivor's Annuity 114,350, ,746,084 ( ) Lump Sum Payments and Refunds 192,707, ,552,750 (g) Retiree Health Insurance (h) Total $ 6,542,268,570 $ 6,606, Actuarial Liability For Members Receiving Benefits (a) Retirement Annuities $ 3,941,954,679 $ 3,587, (b) Automatic Increase in Retirement Annuities 1,141,486,330 1,039,888,474 (c) Survivor Annuities to Survivors of Current Retirees 474,548, ,611,021 (d) Survivor Annuities to Current Survivors 339,735, ,026,356 (e) Lump Sum Death Benefits 5,054,457 4,841,463 (f) Retiree Health Insurance (g) Total $ 6,355,248,044 $ 5,826,424, Actuarial Liability For Inactive Members Total Actuarial Liability $ Actuarial Value of Assets Unfunded Actuarial Liability $ S Funded Ratio 57.5% 60.7% 13

16 F. RECONCILIATION OF CHANGE IN UNFUNDED ACTUARIAL LIABILITY The net actuarial experience during the period January 1,2011 to December 31, 2011 resulted in an increase in the Fund's unfunded actuarial liability of $667,141,767. This increase in unfunded actuarial liability is a result of several kinds of gains and losses. The financial effect of the most significant gains and losses is illustrated in Exhibit 9. The employer contribution requirement for the year of normal cost plus interest on the unfunded actuarial liability amounted to $574,323,841. The total actual employer contribution for the year with interest amounted to $202,530,356. Thus, the employer contribution for the year with interest fell short of the funding requirement of normal cost plus interest on the unfunded liability by $371, Had all other aspects of the Fund's experience been in line with the actuarial assumptions, the unfunded liability would have increased by this amount. The net rate of investment return earned by the Fund during the year, based on the actuarial value of assets, was approximately 1.66%, in comparison to the assumed rate of 7.5%. This resulted in an increase in the unfunded liability of $459,875,129. Salaries increased at an average rate of 3.05% in comparison with the 5.0% assumed rate of increase, resulting in a decrease in the unfunded liability of$138,554,

17 The various other aspects of the Fund's experience resulted in a net decrease in the unfunded liability of $25,972,161. The aggregate financial experience of the Fund resulted in an increase in the unfunded liability of $667,141,767. EXHIBIT 9 Reconciliation of Change in Unfunded Actuarial Liability Over the Period January to December 31, Unfunded Actuarial Liability as of 01/01/11 $ 5,159,768, Employer Contribution Requirement of Normal Cost Plus Interest on Unfunded Liability for Period 01/01/11 to 12/31/11 574,323, Actual Employer Contribution for the Year, Plus Interest Increase in Unfunded Liability Due to Employer Contribution Plus Interest Being Less Than Normal Cost Plus Interest on Unfunded Liability (2-3) $ , Increase in Unfunded Liability Due to Investment Return Lower Than Assumed , Decrease in Unfunded Liability Due to Salary Increases Lower Than Assumed (138,554,686) 7. Decrease in Unfunded Liability Due to Other Sources ' ( ) 8. Net Increase in Unfunded Liability for the Year ( ) " S Unfunded Actuarial Liability as of December 31,2011 (1 +8) $

18 G. EMPLOYER'S NORMAL COST The employer's share of the normal cost for the year beginning January 1, 2012 is developed in Exhibit 10, The total normal cost is $305,471,598, employee contributions are estimated to be $123,987,010, resulting in the employer's share of the normal cost of $181,484,588. Based on a payroll of $1,456,444,123 as of December 31, 2011, the employer's share of the normal cost can be expressed as 12.46% of payroll. EXHIBIT 10 Employer's Normal Cost For Year Beginning January Basic Retirement Annuity 2. Automatic Increase in Retirement Annuity 3. Additional Benefits Under Optional Plan 4. Post-retirement Survivor's Annuity 5. Pre-retirement Survivor's Annuity 6. Lump Sum Benefits and Refunds 7. Retiree Medical 8. Duty Disability Benefits 9. Ordinary Disability Benefits 10. Children's Benefits 11. Administrative Expenses 12. Total Normal Cost 13. Employee Contributions 14. Employer's Share of Normal Cost Dollar Amount $136,346,109 42,312,257 6,321,027 14,948,290 7,031,570 60,311,723 26,387,810 77,189 6,824, , ,785 $305,471, S Percent Of Payroll 9.36% % % Note. Normal costs for duty disability benefits, ordinary disability benefits, and children's benefits are calculated on an annual payout basis. The above figures are based on a total active payroll of $1,456,444,123 as of December 31,

19 H. ACTUAR1ALLY DETERMINED CONTRIBUTION REQUIREMENT GASB Statements No. 25 and 27 provide for annual employer contribution requirements determined on an actuarial basis. According to the GASB statements, the actuarially determined contribution requirement is equal to the employer's normal cost plus an amortization of the unfunded actuarial liability. For a period of 10 years, the maximum acceptable amortization period is 40 years. After the 10-year period, the maximum acceptable amortization period is 30 years. The 10-year period expired on January 1, We have therefore calculated the actuarially determined employer contribution for the year beginning January 1, 2012 as the employer's normal cost plus a 30-year level-dollar amortization of the unfunded actuarial liability. The results of our calculation are shown in Exhibit 11. Employer contributions come from a tax levied by the County upon all taxable property within the County equal to the total amount of contributions made by employees in the calendar year 2 years prior to the year of the levy, multiplied by The 1.54 is known as the tax multiple. As can be seen from Exhibit 11, for the year beginning January 1, 2012, the actuarially determined contribution requirement amounts to $655,800,100. The expected employer contribution from the tax levy, after a 3.0% loss on the net tax levy, amounts to $193,372,210. Thus, the employer contribution is expected to fall short of meeting the actuarially determined contribution requirement by $462,427,890. In order to have the employer contribution for the year 2012 sufficient to meet the actuarially determined contribution requirement, it is estimated that a tax multiple of 5.22 would have been required. 17

20 EXHIBIT 11 Actuariallv Determined Contribution Requirement Year Ending December 31, 2011 " Employer's normal cost 2. Annual amount to amortize the unfunded liability over 30 years as a level dollar amount 3. Actuarially determined contribution requirement for year beginning January 1, Expected net employer contribution from tax levy, after a 3.0% loss on net tax levy 5. Amount by which employer contributions are expected to fall short of the actuarially determined contribution requirement 6. Required tax multiple for employer contribution to meet actuarially determined contribution requirement 181,484,588 $ 193,943, , ,800,100 $ 613,952, , $

21 I. SOLVENCY TEST A short term solvency test is a measure that can provide additional insight into the adequacy of pension funding. In this type of solvency test, a pension fund's current assets are compared with: 1. Active member accumulated contributions; 2. The liability for future benefits to current pensioners; 3. The employer's share of the liability for service already rendered by active members In the case of a pension fund that is actuarially funded, the active member accumulated contributions and the liability for future benefits to present pensioners should generally be fully covered by plan assets. In addition, the employer's share of the liability for service already rendered by active members should be at least partially covered by the remainder of plan assets. In Exhibit 12, the actuarial value of the assets of the Fund is compared with: (1) active member accumulated contributions, (2) the liability for future benefits to current pensioners; and (3) the employer's liability for service already rendered by active members. The portion of each of the three liabilities that is covered by the actuarial value of assets is shown. 19

22 NJ O Fiscal Year EXHIBIT 12 SOLVENCY TEST ACCRUED LIABILITIES FOR (1) (2) (3) Active and Inactive Member Accumulated Contributions Member Currently Receiving Benefits Active and Inactive Member Employer Portion $ 1,245,347,907 1,141,964,297 1,275,497,167 1,322,128,598 1,496,918,427 1,569,401,144 1,650,186,209 1,749,058,834 1,824,472,753 1,662,273,117 $ 2,498,721,228 4,021,001,425 4,423,092,162 4,023,901,896 4,149,302,173 4,466,816,242 4,649,512,515 5,479,822,836 5,826,424,289 6,355,248,044 $ 4,102,238,856 3,618,003,982 3,752,194,757 3,923,913,639 4,258,357,574 4,387,512,514 4,773,482,625 5,346,634,079 5,491,240,133 5,706,491,238 Actuarial Value of Assets $ 5,861,233,506 5,929,201,142 6,700,845,111 7,027,508,138 7,462,683,122 8,059,879,804 8,036,074,797 7,945,567,096 7,982,368,659 7,897,102,116 Percent of Accrued Liabilities Covered By Assets 0) (2) (3) 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 98% 52% 21% 27% 43% 43% 46% 36% 13% 6% 0%

23 J. CERTIFICATION This actuarial report has been prepared in accordance with generally accepted actuarial principles and practices and to the best of our knowledge, fairly represents the financial condition of the County Employees' Annuity and Benefit Fund of Cook County as of December 31, Respectfully submitted, Sandor Goldstein, FSA, MAAA Consulting Actuary Carl J. Smedinghoff, ASA Actuary' 21

24 Appendix 1 Summary of Actuarial Assumptions and Actuarial Cost Method The actuarial assumptions used for the December 31, 2011 actuarial valuation are summarized below. These assumptions are based on an experience analysis of the fund over the period 2005 through The assumptions were adopted by the board as of December 31, 2009 based on the recommendation of the actuary. Mortality Rates. The UP-1994 Mortality Table for Males, rated down 2 years, and the UP-1994 Mortality Table for Females, rated down 1 year. Termination Rates. Termination rates based on the recent experience of the Fund were used. The following is a sample of the termination rates used: Rates of Termination Age at Entrance Attained Males Females Age Retirement Rates. For persons who became participants prior to January 1, 2011, rates of retirement for each age from 50 to 75 based on the recent experience of the Fund. The following are samples of the rates of retirement used: Less Than 30 Years of Service at Retirement Rates of Retirement Age Males Females

25 30 Or More Years of Service at Retirement Rates of Retirement Age Males Females Retirement Rates for Deputy Sheriffs Who Are Members of the Cook County Police Department With 20 or More Years of Service at Retirement Rates of Retirement Age Males Females Retirement Rates. For persons who became or will become participants on or after January 1, 2011, rates of retirement for each age from 62 to 75 were used. The following are samples of the rates of retirement that were used: Rates of Retirement Age Males Females Salary Progression. 5.0% per year, compounded annually. Interest Rate. 7.5% per year, compounded annually. Medical Trend Rate. 8% in the first year, decreasing by.5% per year until an ultimate rate of 5% is reached. 23

26 Loading For Reciprocal Benefits. Costs and liabilities of active employees were loaded by 1% for reciprocal annuities where the County is the last employer. It was assumed that 50% of inactive members with one or more year of service would receive a reciprocal annuity where the County is not the last employer. These reciprocal annuities were valued as of the member's retirement date as 10 times an inactive member's accumulated contributions. Marital Status. 85% of participants were assumed to be married. Spouse's Age. The spouse of a male employee was assumed to be four years younger than the employee. The spouse of a female employee was assumed to be four years older than the age of the employee. Actuarial Cost Method. The entry age actuarial cost method was used, with costs allocated on the basis of earnings. Actuarial gains and losses are reflected in the unfunded actuarial liability and are amortized over an open 30-year period. 24

27 Appendix 2 Summary of Principal Provisions Participant. A person employed by the County whose salary or wages is paid in whole or in part by the County. An employee in service on or after January 1, 1984 shall be deemed as a participant regardless of when he or she became an employee. Service. For all purposes except the minimum retirement annuity and ordinary disability benefit, sendee during four months in any calendar year constitutes one year of service. For the minimum retirement annuity, all service is computed in whole calendar months. Service for any 15 days in a calendar month shall constitute a month of service. For purposes of the minimum retirement annuity, service shall include: a. Any time during which the employee performed the duties of his or her position and contributed to the Fund. b. Vacations and leaves of absence with whole or part pay. c. Periods during which the employee receives a disability benefit from the Fund, and d. Certain periods of accumulated sick leave. Retirement Annuity - Eligibility. An employee who withdraws from service with 10 or more years of service is entitled to a retirement annuity upon attainment of age 50. Retirement Annuity Amount Money Purchase Annuity. The amount of annuity based on the sum accumulated from the employee's salary deductions for age and service annuity plus 1/10 of the sum accumulated from the contributions by the County for age and service annuity for each completed year of sendee after the first 10. Minimum Formula Annuity. The amount of annuity provided is equal to 2.4% of final average salary for each year of service. Final average salary is the highest average monthly salary for any 48 consecutive months within the last 10 years of service. Salary for pension purposes is actual salary earned exclusive of overtime or extra salary. The maximum amount of annuity is 80% of final average salary. If an employee retires before age 60, the annuity is reduced by.5% for each full month or fraction thereof that the employee is under age 60 when the annuity begins, unless the employee has 30 or more years of service, in which case there is no reduction for retirement before age 60. If the Minimum Formula Annuity is greater than the Money Purchase Annuity, the employee is entitled to receive the Minimum Formula Annuity. 25

28 Automatic Increase in Retirement Annuity. Employees who retire from service having attained age 60 or more, or, if retirement occurs on or after January 1, 1991, with at least 30 years of service, 3% of the annuity beginning January of the year following the year in which the first anniversary of retirement occurs. If retirement is before age 60 with less than 30 years of service, increases begin in January of the year immediately following the year in which age 60 is attained. Beginning January 1, 1998, increases are calculated as 3% of the monthly annuity payable at the time of the increase. Optional Plan of Contributions and Benefits. During the period through June 30, 2005, an employee may establish optional credit for additional benefits by making additional contributions of 3% of salary. The additional benefit is equal to 1% of final average salary for each year of service for which optional contributions have been paid. The additional benefit shall be included in the calculation of the automatic annual increase and the calculation of the survivor's annuity. Alternate Annuity for County Officers. An alternate annuity is available for county officers elected on or before January 1, The amount of this alternate annuity is equal to 3% of final salary for the first 8 years of service, 4% for the next 4 years of service, and 5% thereafter, subject to a maximum of 80% of final salary. The elected county officer is required to contribute an additional 3% of salary to be eligible for the alternate annuity. The alternate survivor's annuity for survivors of elected county officers is 66 2/3% of the amount of the elected county officer's earned retirement annuity on the date of death, subject to a minimum payment of 10% of salary. Annuities for Members of the Cook County Police Department. In lieu of the regular of minimum retirement annuity, a deputy sheriff who is a member of the County Police Department may be entitled to the following annuity: Upon withdrawal from service after having attained age 50 in service with 20 or more years of service credit as a police officer, the officer shall be entitled to an annuity computed as follows: 50% of final average salary, plus 2% of final average salary for each year of service in excess of 20 years, subject to a maximum of 80% of final average salary. Surviving Spouse's Annuity Death in Service Money Purchase Annuity. The amount of annuity based on the accumulated salary deductions and County contributions for both the employee and the spouse. Minimum Formula Annuity. A minimum annuity is provided for the eligible surviving spouse of an employee who dies in service with any number of years of service. The amount of such minimum spouse's annuity is equal to 65% of the annuity the employee would have been entitled to as of the date of death, provided the spouse on such date is age 55 or older, or that the employee had 30 or more years of service. If the spouse is under age 55 and the employee had less than 30 years of service, the amount of the spouse's annuity shall be discounted by.5% for each month that the spouse is less than age 55 on the date of the employee's death. The amount of the surviving spouse's annuity shall not be less than 10% of the employee's final average salary as of the date of death. 26

29 If the Minimum Formula Annuity is greater than the Money Purchase Annuity, the surviving spouse shall be entitled to receive the Minimum Formula Annuity. Surviving Spouse's Annuity - Death after Retirement. The amount of the annuity is the greater of the money purchase annuity or the minimum formula annuity. The surviving spouse of an annuitant who dies on or after July 1, 2002 shall be entitled to an annuity of 65% of the employee's annuity at the time of death if the employee had at least 10 years of service, reduced by.5% per month that the spouse is under age 55 at the time of the employee's death. There is no reduction for age if the employee had at least 30 years of service. Automatic Annual Increase in Surviving Spouse's Annuity. On the January 1 occurring on or immediately after the first anniversary of the deceased employee's death, the surviving spouse's annuity shall be increased by 3% of the amount of annuity payable at the time of the increase. On each January 1 thereafter, the annuity shall be increased by an additional 3% of the amount of annuity payable at the time of the increase. Child's Annuity. Annuities are provided for unmarried children of a deceased employee who are under age 18. An adopted child is entitled to the child's annuity if such child was legally adopted at least one year before the child's annuity becomes payable. The child's annuity is payable under the following conditions: (a) the death of the employee was a duty related death; or (b) if the death is not a duty related death, the employee died while in service and had completed at least four years of service from the date of his or her original entrance in service and at least two years from the latest re-entrance: or (c) if the employee died while in receipt of an annuity, her or she must have withdrawn from service after attainment of age 50 The amount of the annuity is the greater of 10% of the employee's final salary at the date of death or $140 per month for each child. Duty Disability Benefits. Duty disability benefits are payable to an employee who becomes disabled as a result of an accidental injury incurred while in the performance of an act of duty. Benefits begin on the first regular and normal work date for which the employee does not receive a salary. The amount of the duty disability benefit is equal to 75% of the employee's salary at the date of injury, reduced by the amount the employee receives from Workers' Compensation. However, if the disability, in any measure has resulted from any physical defect or disease that existed at the time such injury was sustained, the duty disability benefit shall be 50% of salary. The Fund contributes the 8.5% (9% for County Police) of salary normally contributed by the employee for pension purposes. If the disability commences prior to age 60, duty disability benefits are payable during disability until the employee attains age 65. If the disability begins after age 60, the benefit is payable during disability for a period of 5 years. 27

30 Recipients of duty disability benefits also have a right to receive child's disability benefits of $10 per month on account of each unmarried child less than age 18. Total children's disability benefits shall not exceed 15% of the employee's salary. Ordinary Disability Benefits. Ordinary disability benefits are provided for employees who become disabled as the result of any cause other than injury incurred in the performance of an act of duty. The amount of the benefit is 50% of the employee's annual salary at the time of disability. The Fund also contributes the 8.5% (9% for County Police) of salary normally contributed by the employee for pension purposes. Ordinary disability benefits are payable after the first 30 days of disability provided the employee is not then in receipt of salary. Ordinary disability benefits are payable until the first of the following shall occur: (a) the disability ceases; or (b) the date that total payments equal the lesser of (1) 14 of the total service rendered prior to disability, and (2) five years. An employee unable to return to work at the expiration of ordinary disability benefit is entitled to an annuity beginning on the date of the employee's withdrawal from service regardless of age on such date. Death Benefit. Upon the death of an active or retired employee, a death benefit of $1,000 is payable to the employee's designated beneficiary or to the employee's estate if no beneficiary has been designated. Group Health Benefits. The Fund may pay all or any portion of the premium for health insurance on behalf of each annuitant who participates in any of the Fund's health care plans. As of January 1, 2005, the Fund is paying 55% of the premiums for retiree annuitants and 70% of the premiums for survivor annuitants. Refund to Employee Upon Withdrawal From Service. Upon withdrawal from service, an employee under the age of 55. or anyone with less than 10 years of service is eligible for a refund. The employee is entitled to a refund of the amount accumulated to his or her credit for age and service annuity and the survivor's annuity together with the total amount contributed for the automatic annual increase, without interest. Upon receipt of such refund, the employee forfeits all rights to benefits from the Fund. Election of Refund in Lieu of Annuity. If an employee's annuity or spouse's annuity is less than $ per month, such employee or spouse annuitant may elect a refund of the employee's accumulated contributions In lieu of a monthly annuity. Refund For Surviving Spouse's Annuity. If an employee is unmarried at the time of retirement, all contributions for surviving spouse's annuity will be refunded with interest at the rate of 3% per year, compounded annually. 28

31 Refund of Remaining Amounts. In the event that the total amount accumulated to the account of employee from employee contributions for annuity purposes has not been paid to the employee and surviving spouse as a retirement or surviving spouse's annuity before the death of the survivor of the employee and spouse, a refund of any excess amount shall be paid to the children of the employee, in equal parts, or if there are no children, to the beneficiaries of the employee or the administrator of the estate. Employee Contributions. Employees contribute through salary deductions 8.5% (9% for County Police) of salary to the Fund, 6.5% (7% for County Police) being for the retirement annuity, 1.5% being for the surviving spouse's annuity, and.5% being for the automatic increase in retirement annuity. Employer Contributions. The County' levies a tax annually equal to the total amount of contributions made by employees in the calendar year 2 years prior to the year of the levy, multiplied by Employer Pick-up of Employee Contributions. Since April 15, 1982, regular employee contributions have been designated for federal income tax purposes as being made by the employer. The employee's W-2 salary is therefore reduced by the amount of contribution. For pension purposes, the salary remains unchanged. For purposes of benefits, refunds, and financing, these contributions are treated as employee contributions. Persons Who First Become Participants On or After January The following changes to the aforementioned provisions apply to persons who first become participants on or after January 1,2011: 1. The highest salary for annuity purposes is equal to the average monthly salary obtained by dividing the participant's total salary during the 96 consecutive months of service within the last 120 months of service in which the total compensation was the highest by the number of months in that period. 2. For 2011, the annual salary is limited to the Social Security wage base of $106,800. Limitations for future years shall automatically be increased by the lesser of 3% or one-half of percentage change in the Consumer Price Index-U for the 12 months ending in September. 3. A participant is eligible to retire with unreduced benefits at age 67 with at least 10 years of service credit. However, a participant may elect to retire at age 62 with at least 10 years of service credit and receive a retirement annuity reduced by one-half of 1% for each month that his or her age is under The initial survivor's annuity is equal to 66 2/3% of the participant's earned retirement annuity at the date of death, subject to automatic annual increases of the lesser of 3% or onehalf of the increase in the Consumer Price Index-U for the 12 months ending in September, based on the originally granted survivor's annuity. 5. Automatic annual increases in the retirement annuity then being paid are equal to the lesser of 3% or one-half the annual change in the Consumer Price Index-U, whichever is less, based on the originally granted retirement annuity. 29

32 6. Refund upon withdrawal from service. Upon withdrawal from service, an employee who withdraws from service before age 62 regardless of length of service or withdraws with less than 10 years of service regardless of age is entitled to a refund of total contributions made by the employee without interest. 30

33 Appendix 3 Glossary of Terms used in Report 1. Actuarial Present Value. The value of an amount or series of amounts payable at various times, determined as of a given date by the application of a particular set of actuarial assumptions. 2. Actuarial Cost Method or Funding Method. A procedure for determining the actuarial present value of pension plan benefits and for determining an actuarially equivalent allocation of such value to time periods, usually in the form of a normal cost and an actuarial accrued liability. 3. Normal Cost. That portion of the present value of pension plan benefits, which is allocated to a valuation year by the actuarial cost method. 4. Actuarial Accrued Liability or Accrued Liability. That portion, as determined by a particular actuarial cost method, of the actuarial present value of pension benefits which is not provided for by future normal costs. 5. Actuarial Value of Assets. The value assigned by the actuary to the assets of the pension plan for purposes of an actuarial valuation. 6. Unfunded Actuarial Liability. The excess of the actuarial liability over the actuarial value of assets. 7. Entry Age Actuarial Cost Method. A cost method under which the present value of the projected benefits of each individual included in an actuarial valuation is allocated as a level dollar amount or level percent of the individual's earnings between entry age and assumed exit age. The portion of this actuarial present value of benefits allocated to a valuation year is called the normal cost. The portion of this actuarial present value of benefits not provided at a valuation date by the actuarial present value of future value of normal costs is called the actuarial liability. Under this method, the actuarial gains (losses), as they occur, generally reduce (increase) the unfunded actuarial liability. 8. Actuarial Assumptions. Assumptions as to future events affecting pension costs. 9. Actuarial Valuation. The determination, as of the valuation date, of the normal cost, actuarial liability, actuarial value of assets, and related actuarial present values for a pension plan. 10. Vested Benefits. Benefits that are not contingent on an employee's future service. 31

34 Appendix 4 Summary of Legislative Changes 1982 Session SB 1147 Actuarial reporting to Insurance Department and Pension Laws Commission. Actuarial statements prepared by a qualified actuary for plan years ending after December 31, 1984 including actuarial present value of credited projected benefits. SB 1452 Allows a participant who served as Village Trustee and was not then eligible to participate in the IMRF for such service, to obtain credit in this fund by making the required contributions. Four-year maximum credit. SB 1579 Permitted investment list moved to general section of the statute. Expanded fiduciary standards, prohibited transactions, civil action may be brought by Attorney General or by a participant. HB 2286 Deputy Sheriff may elect between January 1, 1983 and January 15, 1983 to transfer credit to this Fund from the State Employees' Retirement System Session SB 22 Delegation of investment authority restrictions. HB514 10% prudent person investment category. 10% increase in spouse benefits to spouses receiving benefits as of January 1, Immediate participation rather than after 1 year of service. Refunds if off the payroll at least 30 days. Money purchase annuity for County Sheriffs service not counted for Sheriff Formula. Elected sheriff may be covered by Sheriff Formula with contributions. HB637 Allows an active member of the General Assembly to establish credit in this fund for time for which he or she could have elected to participate with interest at 6% and to transfer credits to the Park Fund.

35 1984 Session No legislative changes Session HB17 For withdrawals on or after July 1, 1985, 10 year vesting formula (for employee minimum and spouse minimum annuity) providing the employee 2% of final average earnings for each year of service reduced 0.5% (for ages 55-60) for each month under age 60 (but no reduction with at least 30 years of service). Spouse minimum amount is 50% of the employee's amount at retirement (reduced 0.5% for each month the spouse is under age 60) but not less than 10% of the final average earnings. Unisex money purchase factors for widows/widowers. Disability provisions extended to 70 in certain cases. Sheriff formula for withdrawals after December 31, 1985 after having attained age 50 in service with 20 or more years of service of 50% of 4 year average earnings plus 2% for each year or fraction of service over 20. Changes in the reversionary annuity provisions. Optional plan of 3% contributions for 1% optional benefit per year of service. Provisions for payment of past service with interest. Provisions expire July 1, Such plan, if elected by a member, would require a 3% of salary contribution (with interest for past service) and would produce an additional 1% per year of service benefit and would increase the employee annuity, post-retirement increase and spouse annuity. Membership in this plan is optional and as such, it is possible to delay election to just prior to retirement. Therefore, at this time, there is no accurate estimate of how many members will actually elect the optional benefits. The liabilities and the annual cost requirements of the fund may be substantially understated (up to 50% in some cases) if participation is high. It is difficult to pre-fund an unknown benefit. Actuarial losses may occur as experience develops Session HB 2630 Allows for a member of a County police department to establish service credit for approved leaves of absence without pay, during which the employee served as head of an employee association consisting of other police officers by making the required contributions. Allows for the use of service of less than one year for calculating reciprocal annuities in the case of employees who transfer or are transferred as a class from one participating system to another. 33

36 1987 Session HB2715 For withdrawals after January 1, 1988, and for employees with at least 10 years of service and age 50, the minimum formula annuity is increased to 2.2% of the Final Average Salary for each of the first 20 years of service and 2.4% for each year thereafter, not to exceed the maximum of 80% of Final Average Salary. For retirement between age 50 (new minimum retirement age) and age 60, the annuity thus computed will be reduced 0.5% for each month the employee is under age 60 unless the employee has 30 or more years of service in which case no reduction will apply. The surviving spouse of an employee who retires on or after January 1, 1988, with at least 10 years of service is entitled to 50% of the annuity including increases that the deceased annuitant was receiving as of his or her date of death. Such annuity to be reduced 0.5% for each month the surviving spouse is under age 60 at the date of the annuitant's death. Effective January 1, 1988, any child's annuity being paid shall be increased from $140 per month to 10% of the employee's salary at the date of death provided that the increased annuity would be greater than $140 per month, subject to Statutory maximums. Effective January 1, 1987, the maximum age conditions for any disability are removed for employees whose disability continued past that date. A Deputy Sheriff with at least 15 years of service as a Deputy Sheriff can receive credit under the Police formula for other Cook County service by electing to pay an additional contribution prior to retirement. In addition, any Police Officer who has rendered at least 20 years of service and who separates from service prior to age 50 and does not withdraw his or her contributions can apply for pension benefits at age 50 without returning to duty. Effective July 1, 1988, all employee and surviving spouse annuitants will receive a one-time increase. Such increase to be an additional 1% for each full year that the annuitant has received benefits as of July 1, An alternative plan for elected officials of 3% of the Final Average Salary for the first 8 years, 4% for the next 4 years and 5% thereafter, subject to the maximum of 80%, is available. The elected official must contribute and additional 3% of salary to receive these benefits. Effective December 1, 1988, the Retirement Board will be increased from 5 to 7 Trustees. One annuitant Trustee to be elected for a 3 year term by those persons receiving annuity or disability benefits and 1 Forest Preserve District Trustee to be elected by the Forest Preserve District contributors for a term of 3 years beginning December 1, Session No legislative changes. 34

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