Quantcast

South Cook News

Friday, November 22, 2024

Report: 62.7% of Hazel Crest Firefighters Pension Fund is funded

Adobestock 174471984

Adobe Stock

Adobe Stock

With the amount it's obligated to pay pensioners outpacing the funds it has on hand, 62.7 percent of the Hazel Crest 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 Hazel Crest Firefighters Pension Fund's liabilities was $13,364,286 at the end of 2018, while its value of assets was $8,382,183 – a difference of $4,982,103.

The fund's actuarial funding position has gotten worse over the past five years. In 2018, 62.7 percent of the fund was funded. Five years ago, 72.2 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.

Hazel Crest Firefighters Pension Fund health over 5 years
20142015201620172018Change 2014-2018
Actuarial value of assets$7,147,023$7,424,269$7,632,376$7,988,553$8,382,18317.3%
Actuarial value of liabilities$9,906,208$10,511,242$10,931,946$12,321,603$13,364,28634.9%
Actuarial funding position-$2,759,185-$3,086,973-$3,299,570-$4,333,050-$4,982,103-80.6%
Actuarial funding percent72.2%70.6%69.8%64.8%62.7%-9.4%

MORE NEWS