Quantcast

South Central Reporter

Friday, November 1, 2024

Report: 52.6% of Hillsboro Firefighter's Pension Fund is funded

Shutterstock 65427295

With the amount it's obligated to pay pensioners outpacing the funds it has on hand, 52.6 percent of the Hillsboro Firefighter's 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 Hillsboro Firefighter's Pension Fund's liabilities was $1,800,646 at the end of 2016, while its value of assets was $948,049 a difference of $852,597.

The fund's actuarial funding position has gotten worse over the past five years. In 2016, 52.6 percent of the fund was funded. Five years ago, 49.4 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.

Hillsboro Firefighter's Pension Fund health over 5 years
20122013201420152016Change 2012-2016
Actuarial value of assets$630,057$699,706$782,342$860,106$948,04950.5%
Actuarial value of liabilities$1,276,157$1,366,605$1,546,402$1,736,365$1,800,64641.1%
Actuarial funding position-$646,100-$666,899-$764,060-$876,259-$852,597-32%
Actuarial funding percent49.4%51.2%50.6%49.5%52.6%3.3%

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS