By: Diane Benjamin
More from the Comptroller’s data, see links to the data in this story: https://blnnews.com/2023/11/16/surprise-surprise-comptroller-suddenly-has-the-data/
IMRF pension funding is all employees that aren’t police and fire:
IMRF: 89.6% funded, surprisingly down from 111.8%
Police: 56.6%, down from 62.2%
Fire: 57.1%, down from 62.9%
IMRF: 86.0% funded, down from 106.2%
Police: 49%, same as last year
Fire: 53.9%, down from 55%
Bloomington also has a Post Employment Benefit obligation of $15,049,733.
Much smaller Normal’s liability is $38,486,830
Obviously police and fire pensions aren’t as big a priority as regular employees. While the private sector as dropped much of their Post Employment Benefits, government hasn’t. They know they can bill you.
A big market correction can devastate these funds, but then again you can be billed since government hasn’t converted pensions to 401K type plans. The Illinois Constitution was changed to devastate you, not them.