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Friday, November 22, 2024

Report: 41.6% of Worth Police Pension Fund is funded

Money 05

With the amount it's obligated to pay pensioners outpacing the funds it has on hand, 41.6 percent of the Worth Police Pension Fund 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 Worth Police Pension Fund's liabilities was $26,043,840 at the end of 2016, while its value of assets was $10,830,554 a difference of $15,213,286.

The fund's actuarial funding position has gotten worse over the past five years. In 2016, 41.6 percent of the fund was funded. Five years ago, 45.3 percent was funded.

Combining the liabilities of all the funds, just 47.9 percent were funded in 2016, according to the report. Unfunded liabilities statewide totaled $185.2 billion in 2016.

Worth Police Pension Fund health over 5 years
20122013201420152016Change 2012-2016
Actuarial value of assets$9,868,427$10,017,831$10,321,615$10,689,120$10,830,5549.7%
Actuarial value of liabilities$21,780,793$22,933,401$23,423,022$25,099,302$26,043,84019.6%
Actuarial funding position-$11,912,366-$12,915,570-$13,101,407-$14,410,182-$15,213,286-27.7%
Actuarial funding percent45.3%43.7%44.1%42.6%41.6%-3.7%

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