Illinois Municipal Pensions Solid, State Pensions Struggle
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 could benefit from following its practices, as the state's other public retirement systems are struggling, with only a few cents on hand for every dollar owed.
- 51.3% of IMRF members work for school districts
- 15.5% work for counties
- 10% work for cities
- 7.8% work for villages
IMRF's funding ratio has been consistently strong, 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 strong pension systems.