Illinois Municipal Pensions: A Success Story
The Illinois Municipal Retirement Fund (IMRF) reported a 95.8% funded ratio for 2024, making it one of the state's strongest pension systems.
In contrast to other Illinois public retirement systems, which have only a few cents on hand for every dollar owed, IMRF's funding ratio is significantly higher.
Membership and Plans
The fund covers a range of local government employers, with membership breakdown as follows:
- 51.3% of members work for school districts
- 15.5% for counties
- 10% for cities
- 7.8% for villages
- the remainder for other entities
IMRF offers three pension plans, and its funding policy is designed to "help ensure the systematic accumulation of assets needed to pay for future benefits."
Historical Funding Ratios
The funding ratio across municipal plans has been consistently strong, with a:
- 96.6% funding ratio in 2023
- 107.2% funding ratio in 2000
The Illinois Municipal Retirement Fund remains one of the state’s strongest pension systems.
Author's summary: IMRF is a model for other pension systems.