Huntley Police Pension Fund ranks 265th among underfunded Illinois public safety pensions in 2024

The Huntley Police Pension Fund placed 265th among Illinois’ underfunded police and fire pension funds in 2024, according to the Illinois Department of Insurance (IDOI).

Operating within Illinois’ City pension plan framework, the fund reported pension liabilities totaling $33,701,177 and an actuarial value for funding of $21,338,305.

This led to a funding level of 63.3%, indicating a shortfall of 36.7% of the actuarial assets required to fulfill all promised retirement benefits.

The resulting gap between available assets and obligations left the pension plan with an unfunded liability nearing $12,362,872.

The Illinois Department of Insurance compiles data on municipal police and fire pensions, which are financially supported by residents from each community.

As of 2024, Illinois oversaw 300 fire and 363 police pension plans. Some municipalities provide both, while others support only one.

Some communities do not hold any unfunded pension obligations. During 2024, 64 reported no outstanding police or fire pension liabilities and were not included in the rankings.

Referred to as “pension benefits,” police and fire obligations serve as deferred compensation. While local officials guarantee these retirement payments to public safety workers, they sometimes do so without ensuring adequate financial support from workers or taxpayers. Such funding gaps result in growing pension debt for communities, increasing the cost for future residents. Annual contributions—mainly sourced from property taxes and outlined in IDOI reports—help maintain these pension systems.

Across the state, police and fire pension systems reported a 65.1% average funding ratio for 2024, pointing to broad challenges for local retirement funding.

Glencoe Firefighters Pension Fund was the lowest funded in Illinois, at just 0.9%.

In contrast, the Savoy Firefighters Pension Fund led the state with a 797.7% funding ratio and an actuarial funding value of $149,803, well above its obligations.

Illinois’ pension debt for statewide systems increased by $1.5 billion in 2024, bringing the total to $143.7 billion, according to the Commission on Government Forecasting and Accountability. This marks the third straight year of increases and leaves the debt just under its 20-year high of $144.2 billion set in 2020.

Data from the State Department of Insurance Public Pension Division showed Illinois’ suburban and downstate pensions had $12.1 billion in unfunded actuarial liabilities in 2024, with a combined funding level of 49.18%. That means more than half the assets needed for promised payments were missing.

A 2024 study found that Illinois dedicated the highest share of its GDP to unfunded pension debt, approaching 20%, according to the Equable Institute.

The Illinois Policy Institute, a nonpartisan research group, reported that this growing pension issue is placing increased strain on taxpayers. According to the organization, annual taxpayer contributions to state pension plans increased from $614 million in fiscal year 1996 to $11.2 billion in fiscal year 2025.

Data for this article came from the Illinois Department of Insurance (IDOI). You can view the original source material here.