Minooka FPD Firefighters Pension Fund listed at 639 among Illinois’ most underfunded police and fire pensions in 2024

In 2024, the Minooka FPD Firefighters Pension Fund was listed as the 639th most underfunded police and fire pension system in Illinois, according to the Illinois Department of Insurance (IDOI).

The pension fund, managed under the state’s city-based structure, recorded $7,135,616 in liabilities and had $10,687,973 in actuarial assets.

This produced a funding ratio of 149.8%, with the fund lacking -49.8% of required actuarial assets to fulfill its retirement benefit commitments.

The gap between its assets and liabilities left the fund with an unfunded liability reported at approximately -$3,552,357.

The Illinois Department of Insurance publishes data on municipal police and fire pensions—these are systems that depend on local taxpayer support.

As of 2024, Illinois maintained 300 fire and 363 police pension funds. Some towns operate both funds, while others have only one.

Not all municipalities have unfunded pension debt. In 2024, 64 municipalities reported fully funded police or fire pensions and did not appear in the rankings.

Pension liabilities for police and firefighters, known as “pension benefits,” act as deferred compensation. While officials pledge retirement benefits to public safety employees, some municipalities do so without securing enough funding from workers or taxpayers. Such shortfalls contribute to rising pension debt, shifting the cost to future residents. These pension commitments are primarily funded by property taxes, and municipalities make annual payments as documented by the IDOI.

Across the state, the average funding ratio for police and fire pensions in 2024 was 65.1%, underscoring the pervasive funding challenges among Illinois’ public safety pension funds.

The Glencoe Firefighters Pension Fund had the lowest funding ratio statewide, at just 0.9%.

In contrast, Savoy Firefighters Pension Fund was the most well-funded in Illinois, with a funding ratio of 797.7% and $149,803 in actuarial assets, greatly surpassing its obligations.

Illinois’ total pension debt grew by $1.5 billion in 2024, hitting $143.7 billion, based on a report by the Commission on Government Forecasting and Accountability. This was the third year in a row the total increased, bringing it near the 20-year peak of $144.2 billion from 2020.

A report from the State Department of Insurance Public Pension Division indicated that suburban and downstate Illinois pension systems faced $12.1 billion in unfunded actuarial liabilities in 2024, with a combined funding ratio of 49.18%. This means that more than half of the assets needed for promised benefits were missing.

In 2024, Illinois accounted for the highest proportion of a state’s GDP allocated to unfunded pensions, at nearly 20%, according to the Equable Institute.

The Illinois Policy Institute, a nonpartisan research group, says this has contributed to a growing taxpayer burden. The organization noted that taxpayer funding for state pension systems climbed from $614 million in fiscal year 1996 to $11.2 billion in fiscal year 2025.

Information in this article was obtained from the Illinois Department of Insurance (IDOI). The source data can be found here.