Commission
to
Strengthen
Chicago's
Pension
Funds
Final
Report
Vol.
1:
Report
&
Recommendations
Co
-
Chairs
Dana
R.
Levenson
Gene
R.
Saffold
April
30,
2010
2
TABLE OF CONTENTS
Volume 1: Report and Recommendations
Letter of Transmittal to Mayor Richard M. DaleyExecutive Summary1. Introduction2. Background3. The Nature and Causes of the Problem4. Looking For Answers - The Work of the Commission5. Recommendations and Options6. ConclusionAPPENDICES1. Comparables2. Comparing Defined Benefit (DB) and Defined Contribution (DC) Plans3. lllustrative Scenarios4. Differing Views5. Glossary
Volume 2: Resources
•
Administrative Resources
•
Statistical Resources
•
Technical Resources
3
LETTER OF TRANSMITTAL TO MAYOR RICHARD M. DALEY
April 30, 2010Hon. Richard M. Daley, MayorCity of Chicago121 North LaSalle Street, Room 507Chicago, IL 60602-1208Dear Mayor Daley:The Commission to Strengthen Chicago’s Pension Funds, which you assembled a little over two yearsago for the purpose of examining the four pension funds directly associated with the City of Chicagoand recommending ways that the City could improve and sustain their funded ratios, is pleased totransmit its report to you along with this letter.An executive summary follows this letter, and the entire report is divided into two volumes, the first ofwhich is the substance of the report with the second volume being a compendium of resource andreference materials that were used to formulate the report. As its substantive chapters, though, the firstvolume covers the following:
Background The “3-legged stool” that is the construct of our Pension Funds.
The Nature and Causes of the Problem How it has come about that the Pension Funds are in the situation described herein, and whatto expect if no ameliorating action is taken.
Looking for Answers – The Work of the CommissionDescribes the Commission's work program: how we defined the problem and the way weanalyzed it.
Recommendations and OptionsSteps that can be taken by the City in an effort to increase the funded ratio to an acceptablelevel.As you are well aware, the Commission was composed of a broad cross-section of City officials, unionleaders, pension fund executives, and business and civic professionals. They are all to be commendedfor their commitment and contributions to this effort. Fortunately, throughout the deliberations by thevarious members of the Commission there has been and continues to be a clear willingness on the partof all to contribute to providing solutions to the issues discussed herein.We note that at its last scheduled meeting, on March 24, the Commission endorsed this Report withthree dissents. Commissioners Lester Crown, R. Eden Martin, and Laurence Msall were of the opinionthat, while making very clear the origins and the present state of the City’s pension problem, the Report,while making very clear the origins and the present state of the City's pension problem, was notaggressive enough it its recommendations.
We hope that the extent and body of our work is helpful to you and the City Council in considering thesteps that must be taken to complete the task of strengthening Chicago’s Pension Funds.Sincerely yours,Dana R. Levenson Gene R. SaffoldCo-Chair Co-Chair
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