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.
- 51.3% of members work for school districts
- 15.5% for counties
- 10% for cities
- 7.8% for villages
- the remainder 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.
The funding ratio across municipal plans has had regular success, with a funding ratio of 96.6% in 2023 and 107.2% in 2000.
Author's summary: Illinois Municipal Retirement Fund is a model for state pensions.