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.
Breakdown of Fund Coverage
- 51.3% of members work for school districts
- 15.5% work for counties
- 10% work for cities
- 7.8% work for villages
- The remainder work for other entities
The fund's Board of Trustees established a funding policy to "help ensure the systematic accumulation of assets needed to pay for future benefits."
Historical Funding Ratios
- 2023: 96.6% funded ratio
- 2000: 107.2% funded ratio
Author's summary: Illinois Municipal Retirement Fund is a model for success.
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