Broadview Firefighters Pension Fund ranks 159th for underfunding among Illinois police and fire pensions in 2024

In 2024, the Broadview Firefighters Pension Fund was listed as the 159th most underfunded police and fire pension system in Illinois, according to data from the Illinois Department of Insurance (IDOI).

Operating within the Village or Township pension system framework in Illinois, the fund disclosed total pension liabilities of $44,792,245 and an actuarial funding value of $25,164,089.

This resulted in a funding ratio of 56.2%, meaning the fund fell short by 43.8% of the actuarial assets required for full benefit coverage.

The shortfall between available assets and obligations amounted to an unfunded liability estimated at $19,628,156 for the pension system.

The Illinois Department of Insurance compiles and releases data on local police and fire pension plans. These pension funds are financially supported by each municipality’s residents.

As of 2024, the state reported 300 fire and 363 police pension funds, with some communities maintaining both and others supporting only one.

Some municipalities hold no unfunded pension liabilities. In 2024, 64 municipalities reported zero outstanding police or fire pension debt and did not appear in the rankings.

Police and fire pension benefits, also called “pension benefits,” act as a form of deferred compensation. Elected officials promise retirement payments to public safety employees, sometimes without ensuring adequate contributions from the workforce or taxpayers. This shortfall causes municipalities to build pension debt, shifting financial responsibility onto future residents. Annual municipal contributions—primarily derived from property taxes and detailed in IDOI data—are made to sustain these pension programs.

Throughout Illinois, police and fire pension systems averaged a 65.1% funding ratio in 2024, indicating that funding gaps are common among local public safety retirement funds.

The Glencoe Firefighters Pension Fund had the lowest funding ratio across the state at just 0.9%.

In contrast, the Savoy Firefighters Pension Fund was the best funded in Illinois, boasting a funding ratio of 797.7% and an actuarial funding value of $149,803, far in excess of its liabilities.

Illinois’ total statewide pension debt grew by $1.5 billion in 2024, rising to $143.7 billion, based on a report from the Commission on Government Forecasting and Accountability. This was the third year in a row the total increased, nearly reaching the 20-year peak of $144.2 billion recorded in 2020.

The State Department of Insurance Public Pension Division reported that suburban and downstate Illinois pension funds carried $12.1 billion in unfunded actuarial liabilities in 2024, with a combined funding ratio of 49.18%, meaning those funds held less than half the assets required for promised benefits.

A 2024 study by the Equable Institute found Illinois allocated nearly 20% of its gross domestic product to unfunded pension liabilities— the highest share among all states. 

The Illinois Policy Institute, a nonpartisan research organization, said this dynamic is adding to the tax burden for residents. The group reported taxpayer contributions to state pension plans increased from $614 million in fiscal year 1996 to $11.2 billion for fiscal year 2025.

Information in this article was obtained from the Illinois Department of Insurance (IDOI). The source data can be found here.