With the amount it’s obligated to pay pensioners outpacing the funds it has on hand, 48.4 percent of the Glenwood Firefighters Pension Fund is funded, according to the latest data reported to the Illinois Department of Insurance Pension Division.
The DOI biennial report shows the value of the Glenwood Firefighters Pension Fund’s liabilities was $5,400,697 at the end of 2018, while its value of assets was $2,615,619 – a difference of $2,785,078.
The fund’s actuarial funding position has gotten worse over the past five years. In 2018, 48.4 percent of the fund was funded. Five years ago, 55.5 percent was funded.
Combining the liabilities of all the funds, just 47.5 percent were funded in 2018, according to the report. Unfunded liabilities statewide totaled $187.8 billion in 2018.
| 2014 | 2015 | 2016 | 2017 | 2018 | Change 2014-2018 | |
|---|---|---|---|---|---|---|
| Actuarial value of assets | $2,581,247 | $2,588,677 | $2,567,226 | $2,602,324 | $2,615,619 | 1.3% |
| Actuarial value of liabilities | $4,652,678 | $4,798,427 | $4,931,918 | $5,226,063 | $5,400,697 | 16.1% |
| Actuarial funding position | -$2,071,431 | -$2,209,750 | -$2,364,692 | -$2,623,739 | -$2,785,078 | -34.5% |
| Actuarial funding percent | 55.5% | 54% | 52% | 49.8% | 48.4% | -7% |
