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.