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.
The fund covers various local government employers, including school districts, counties, cities, villages, and other entities, with 51.3% of members working for school districts.
- Counties: 15.5%
- Cities: 10%
- Villages: 7.8%
- Other entities: remainder
The funding ratio across municipal plans has been consistently successful, with a 96.6% ratio in 2023 and a 107.2% ratio 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.
Author's summary: Illinois Municipal Retirement Fund is a model for other pension systems.