Franklin Park Firefighters Pension Fund ranks 144th in Illinois for underfunding in 2024

In 2024, the Franklin Park Firefighters Pension Fund was the 144th most underfunded police and fire pension fund in Illinois, as reported by the Illinois Department of Insurance (IDOI).

Operating within the Village or Township pension framework, the fund showed $71,355,375 in total pension liabilities and a funding value of $39,411,335 in actuarial assets.

That resulted in a funding ratio of 55.2%, indicating the fund was short by 44.8% of the actuarial assets needed to meet its retirement obligations.

The shortfall created an unfunded liability of about $31,944,040 for the pension account.

The Illinois Department of Insurance maintains and releases data on municipal police and fire pension funds, which are financially supported through local taxpayer dollars.

As of 2024, Illinois maintained 300 fire pension funds and 363 police pension funds; some municipalities oversee both, while others administer just one.

Some municipalities do not have unfunded pension debt. In 2024, 64 communities reported no outstanding police or fire pension liabilities and were omitted from the rankings.

Pension obligations for police and fire personnel, often labeled as “pension benefits,” are considered deferred compensation. Local officials promise these retirement benefits to public safety workers, but sometimes without ensuring adequate payment from employees or taxpayers. When these contributions fall short, pension debt accumulates, leaving future residents to bear the cost. Funding for these systems comes primarily from annual contributions, most commonly sourced from property taxes, as shown in data compiled by IDOI.

Across the state, the average funding ratio for police and fire pensions hit 65.1% in 2024, reflecting persistent shortfalls for many local public safety retirement plans.

The Glencoe Firefighters Pension Fund posted Illinois’ lowest funding ratio, at only 0.9%.

On the other hand, the Savoy Firefighters Pension Fund led the state in funding, with a ratio of 797.7% and an actuarial value of $149,803, more than covering its financial obligations.

Statewide pension debt in Illinois increased by $1.5 billion in 2024, reaching $143.7 billion, according to a report from the Commission on Government Forecasting and Accountability. That marks the third year in a row that debt has risen, bringing the total just below the record $144.2 billion seen in 2020.

A report by the State Department of Insurance Public Pension Division indicated that suburban and downstate Illinois pension funds held $12.1 billion in unfunded actuarial liabilities in 2024, with a collective funding ratio of 49.18%. This shows more than half of needed assets were missing for these retirement benefits.

In 2024, Illinois devoted the largest share of its GDP to unfunded pension liabilities among states, nearing 20%, according to research from the Equable Institute. 

The Illinois Policy Institute, a nonpartisan organization, said this trend is creating a heavier taxpayer burden. The institute reported that taxpayer contributions to the state’s pension plans climbed from $614 million in fiscal 1996 to $11.2 billion in fiscal 2025.

Information in this article was gathered from the Illinois Department of Insurance (IDOI). Source data is available here.