Cook County offers a Section 457 deferred compensation plan as a tax-deferred method for you to save for retirement. Employees enrolled in the plan make voluntary contributions each pay period and invest in an array of investment options to help prepare for their income needs in retirement. This account is a voluntary contribution that can help to bridge the gap between your defined benefit plan (pension) and how much you will need while in retirement.
Information Update: IRS increases deferral limit in 2020 to $19,500.
The IRS is increasing your retirement plan deferral limit from $19,000 to $19,500. This means you may be able to save more money for retirement! The catch-up deferral limit for employees age 50 and over will increase to $6,500.
You can login into your account to make changes to your deferral amount at www.cookcountydc.com.
Deferred Compensation Plan Documents
Deferred Compensation Committee Members 2019
Article IX Deferred Compensation Committee
Section 9.01. Membership of Committee. A committee of at least nine (9) members shall be known as the “Deferred Compensation Committee” (hereafter the “Committee). The following individuals shall serve on the Committee: Chief Administrative Officer, County Comptroller, Comptroller of the Forest Preserve District, a representative appointed by the Chief Executive Officer of the County Health and Hospital System, and a Representative appointed by the County Treasurer. The remaining members shall be appointed by the President of the Count Board of Commissioners. The Committee shall appoint, select, or elect a Chairperson, a Vice Chairperson, and a Secretary, under such policies and procedures as are adopted by the Committee. All members of the Committee shall serve without compensation.