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+ Disclaimer: The figures above are actuarial funded ratios, which are projected by financial experts that analyze a pension fund's value by its assets versus its obligations. The American Academy of Actuaries generally recommends a target of a 100% funded ratio for a pension fund to be considered financially healthy. These data have been sourced from the Illinois Department of Insurance and the respective pension funds' actuary reports.

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Cautionary tales from around the U.S.

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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.

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*Data is from the 2021 Illinois Department of Insurance Public Pension Biennial Report. Our site is updated quickly after each new report is released.