Elmwood Park Firefighters Pension Fund places 604th among Illinois pension plans with lowest 2024 funding ratio

In 2024, the Elmwood Park Firefighters Pension Fund was ranked as the 604th most underfunded police and fire pension plan in Illinois, based on figures provided by the Illinois Department of Insurance (IDOI).

Operating within Illinois’ Village or Township pension framework, the fund had $41,083,285 in total pension liabilities and reported an actuarial funding value of $42,280,365.

This produced a funding ratio of 102.9%, signifying the fund was -2.9% below the level of actuarial assets necessary to pay all promised retirement benefits in full.

The resulting gap between assets and obligations left the pension plan with an unfunded liability estimated at about -$1,197,080.

The Illinois Department of Insurance collects and reports on local police and fire pension plans, which rely on financial backing from municipal residents.

As of 2024, the state of Illinois administered 300 fire and 363 police pension funds. Some communities maintain both, while others operate just one.

There are municipalities without pension shortfalls. In 2024, 64 municipalities reported having no outstanding obligations for police or fire pensions and were not included in these rankings.

Police and fire pension promises, commonly referred to as “pension benefits,” act as deferred compensation. Municipal governments vow to provide these payments to retired public safety staff but may not always collect enough from workers or taxpayers, resulting in cities and towns accumulating pension debt that impacts future residents. To maintain funding, municipalities make required yearly contributions—largely from property taxes—data the IDOI tracks.

Statewide, the average funding ratio for police and fire pensions in Illinois was 65.1% in 2024, underscoring a broader pattern of funding shortfalls across local retirement plans for public safety employees.

Among all Illinois funds, the Glencoe Firefighters Pension Fund held the lowest funding ratio at just 0.9%.

On the other end, Savoy Firefighters Pension Fund achieved the state’s highest funding ratio of 797.7%, with an actuarial funding value of $149,803 that far outpaced obligations.

Illinois’ total unfunded pension liability rose by $1.5 billion in 2024 to reach $143.7 billion, according to the Commission on Government Forecasting and Accountability. This increase marked the third year in a row and left the amount just shy of the 20-year peak of $144.2 billion in 2020.

The State Department of Insurance Public Pension Division found suburban and downstate funds faced $12.1 billion in unfunded actuarial liabilities for 2024, with a combined funding ratio at 49.18%. This indicates more than half of the assets needed for promised benefits were lacking.

A 2024 report by the Equable Institute revealed that Illinois allocated the largest percentage of its GDP to unfunded pension liabilities—nearly 20%—compared to other states.

The Illinois Policy Institute, a nonpartisan research group, noted a rising taxpayer burden linked to pension costs. According to the institute, contributions from taxpayers for state pensions increased from $614 million in fiscal year 1996 to $11.2 billion by fiscal year 2025.

Data for this report was sourced from the Illinois Department of Insurance (IDOI). Access the source information here.