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Saturday, December 7, 2019

Report: 55.9% of Oak Brook Firefighters Pension Fund is funded

Local Government

By Local Labs News Service | Apr 29, 2018

Shutterstock 469426916

With the amount it's obligated to pay pensioners outpacing the funds it has on hand, 55.9 percent of the Oak Brook Firefighters 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 Oak Brook Firefighters Pension Fund's liabilities was $46,861,047 at the end of 2016, while its value of assets was $26,190,149 a difference of $20,670,898.

The fund's actuarial funding position has gotten worse over the past five years. In 2016, 55.9 percent of the fund was funded. Five years ago, 59 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.

Oak Brook Firefighters Pension Fund health over 5 years
2012
2013
2014
2015
2016
Change 2012-2016
Actuarial value of assets
$23,656,419
$24,415,761
$25,329,498
$25,491,152
$26,190,149
10.7%
Actuarial value of liabilities
$40,089,203
$41,594,337
$44,156,189
$46,271,199
$46,861,047
16.9%
Actuarial funding position
-$16,432,784
-$17,178,576
-$18,826,691
-$20,780,047
-$20,670,898
-25.8%
Actuarial funding percent
59%
58.7%
57.4%
55.1%
55.9%
-3.1%

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Organizations in this Story

Oak Brook Firefighters Pension Fund

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