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The only way to guarantee your pension is
safe is to have a fully funded retirement system
![MW Guarantee](https://secureillinoisretirements.org/wp-content/uploads/2021/03/MW-Guarantee.png)
For decades, contributions into your fund have been diverted to pay for infrastructure projects, to fill gaps in the budget during hard times, and even to give you a raise.
This might have seemed like money well spent at the time—but diverting funds has put your retirement at risk.
Severe underfunding puts your pension system in jeopardy.
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Why is a fully funded pension system important?
Reasons to want a fully funded retirement system
Cautionary tales from around the U.S.
Detroit, MI
When Detroit filed for bankruptcy in 2013, its funded ratio of assets to liabilities was 69%, which is much higher than most jurisdictions in Illinois. Due to this underfunding and subsequent bankruptcy, public safety employees had their cost-of-living adjustment cut, and civil servants had their pensions reduced.
Central Falls, RI
When Central Falls declared bankruptcy in 2011, its funded ratio was 16.2%. Pensions were slashed by over 50% before the city agreed to 25% for the first five years.
Vallejo, CA
When Vallejo emerged from bankruptcy in 2011, its funded ratio was 66.4%. The town cut police and firefighter numbers and reduced health benefits so it could keep up with mandatory pension contributions.
Harvey, IL
Harvey laid off 18 firefighters, 13 police patrolmen, and five non-sworn employees in 2016, following an intercept of the city's revenue by its police pension fund. The pension obligations had left the city unable to meet running costs.