Illinois Municipal Pensions: A Success Story
The Illinois Municipal Retirement Fund reported a 95.8% funded ratio for 2024, making it one of the state's strongest pension systems.
Other Illinois plans would benefit from following its practices, as the state's other public retirement systems have only a few cents on hand for every dollar owed.
The fund covers a range of local government employers, including:
- 51.3% of members working for school districts
- 15.5% for counties
- 10% for cities
- 7.8% for villages
- the remainder for other entities
The funding ratio across municipal plans has had regular success, with a 96.6% funding ratio in 2023 and a 107.2% in 2000.
IMRF's Board of Trustees established a funding policy to "help ensure the systematic accumulation of assets needed to pay for future benefits."
Author's summary: Illinois municipal pensions are strong with a 95.8% funded ratio.