By: Diane Benjamin
Last September the Financial Trends Report was presented at a Council meeting. See it here: https://www.normalil.gov/DocumentCenter/View/20653/2021-2022-Financial-Trend-and-Condition-Report
IMRF funding was reported on PDF page 45 at 106.2%. IMRF funds all pensions except Police and Fire.
Fire Pension Funding was reported at 56.15% funded – PDF page 44.
Police Pension Funding was reported at 51.32% funded – PDF page 43.
State Law requires 90% funding by 2040. The documentation states this will be long-term problem.
Here’s another problem:
Different funding percents were reported to the Illinois Comptroller for Police and Fire. IMRF magically matched:
I added commas to the numbers – Normal taxpayers owe almost $79 million dollars.
The numbers reported to the State of Illinois are more trustworthy than what Normal reported in September. The Dow is down 7.76% for the year as of Friday. what direction do you think that pensions funding has gone?
But that isn’t the total – Normal taxpayers also owe Post Employment Benefits:
Add another $42.5 million to that $79 million. Normal pays these expenses as they occur.
Illinois Comptroller link: https://illinoiscomptroller.gov/constituent-services/local-government/local-government-warehouse/processsearchresults/?DisplayMode=GETAFR&AFRDesiredData=Pension%20Funds%20/%20Retirement%20Benefits&Code=064/095/31&CFY=2022&Menu=Yes&PrintIt=No
Police and Fire employees need to know their pensions aren’t funded as previously reported. Other employees are just fine though.
4 thoughts on “Town of Normal Pension reports don’t match”
Hmmm… pensions of the general Town workers, who happen to be the ones that make the budgets, are funded 100% or close to it. And first responders, who Don’t make the budgets, get what’s left over – about 50% funded.
Sounds like we need better administration, and the only way to get that is to elect better representation. Do what you can to help with petition signing now, then campaigning later, then voting in March and April!
They are told how much to pay. IMRF is better at demanding funding. Police and fire won’t make it to 90%
Just stick your head in the sand and it will go away. Besides I will be long gone with a fat pension or have my name memorialized on a tunnel and long gone before this crisis happens.
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