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.
Funding Ratio Success
The funding ratio across municipal plans has had regular success, with a funding ratio of 96.6% in 2023 and 107.2% in 2000.
The IMRF’s Board of Trustees established a funding policy to “help ensure the systematic accumulation of assets needed to pay for future benefits.
- 51.3% of members work for school districts
- 15.5% for counties
- 10% for cities
- 7.8% for villages
Author's summary: Illinois municipal pensions show stability and strength in funding ratios.