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Jan 1, 2011 · 10 years. Normal Retirement Age. Age 60 OR Age 50 with 30 years of service credit. Age 67. Earliest Retirement Age. Age 50. Reduction in pension: 0.5% for each month below age 60 with less than 30 years of service credit. Age 62. Reduction in pension: 0.5% for each month below age 67.
- Financial Reports
Financial Reports - Tier Chart | Cook County Pension Fund
- Illinois Pension Code
Illinois Pension Code - Tier Chart | Cook County Pension...
- Board Committees
Board Committees - Tier Chart | Cook County Pension Fund
- About The Retirement Board
Four are elected by the employees of Cook County and the...
- Financial Reports
- Qualifying For An Annuity
- Your Service Credit
- Final Average Salary
- Benefit Accrual
- Normal Retirement Age
- Minimum Retirement Age
- Maximum Benefit
You are considered to be vested if you have 10 or more years of service credit. This may be 10 years as a County employee or based on a combination of years of service with another Reciprocal Fund. For example: 6 years of County service plus 4 years of service with another Reciprocal Fund equals 10 years of total service.
You receive service credit while you are actively contributing to CCPF, either through payroll processing (paychecks) or while being approved for CCPF disability. Service credit is granted on a month-to-month basis. The Pension Code states that 15 days of service in a calendar month is required to receive a month of service credit. Note: If you rec...
Your FAS is the salary used to calculate your annuity benefit. For Tier 1, your FAS is defined as the highest 4 consecutive years (48 months) of salary within the last 10 years of service. Note: Your highest 4 years of salary can be with the County if the County was your last employer, or can be from a Reciprocal Fund if that other fund was your la...
The benefit accrual is 2.4% for every year of accrued service credit. For example: 10 years of service times 2.4% per year equals 24% of FAS. Refer to the Tier 1 Benefits Percentage Tableto view various scenarios including age and years of service.
Defined as age 60 with 10 or more years of service, or minimum age 50 with 30 or more years of service.
Age 50, provided you have 10 or more years of service credit. However, if you start your annuity prior to age 60 with less than 30 years of service, you are subject to an age reduction, which is ½ of 1% for each month you start your pension below the age of 60. For example: If you had between 10-29 years of service and you were starting your pensio...
The maximum annuity you can receive is 80% of your FAS. This table illustrates benefit reductions if you do not have 30 years of service. For illustration purposes, this age reduction table has been rounded to the whole year. However, any age reduction would be reduced for an exact age (i.e., age 59½ is only a 3% reduction). This Tier 1 Table illus...
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Sep 29, 2023 · The number of active employees contributing to the Cook County pension fund has declined while the number of beneficiaries, or those receiving benefits, has increased. As of December 31, 2022, there were 17,933 active County employees participating in the pension fund, compared to 21,079 ten years earlier.
Available on this page is the Cook County Personnel Rules pursuant to the authority of the Bureau Chief of Human Resources. It is located on the right side of this page, under the Download section. Additional policies, applicable to Offices Under the President, not included in the Personnel Rules are also found on this page.
The most common job groups, by number of people living in Cook County, IL, are Management Occupations (299,551 people), Office & Administrative Support Occupations (271,597 people), and Sales & Related Occupations (240,810 people).
Employees of Cook County become eligible for a pension when they’ve worked for Cook County at least 10 years. At 10 years you are vested and eligible for pension benefits with some conditions based on your age, when you entered Cook County employment, and your years of service. Cook County Pension Fund Tier 1 vs. Tier 2 Annuity Benefits
Asset Allocation. The Cook County Fund (“Fund”) ended March with a market value of $13.43 billion, a $603 million decrease from the 2021 year-end value of $14.03 billion. During the quarter, the Fund experienced investment losses of $582 million and net outflows of $21 million for the first quarter.
