Sycamore Firefighters Pension Fund places 228th for underfunding among Illinois police and fire pensions in 2024

In 2024, the Sycamore Firefighters Pension Fund was ranked 228th among the most underfunded police and fire pension funds in Illinois, data from the Illinois Department of Insurance (IDOI) shows.

Operating under the City pension system in Illinois, the fund disclosed total pension liabilities of $35,562,356 and listed an actuarial funding value of $21,653,518.

With a funding ratio of 60.9%, the fund was short 39.1% of the actuarial assets needed to cover its future retirement responsibilities.

This translated to an unfunded liability near $13,908,838 for the pension system.

The Illinois Department of Insurance releases data on local police and fire pensions—retirement systems whose obligations are primarily backed by local taxpayers.

As of 2024, there were 300 fire and 363 police pension funds in Illinois, with some municipalities responsible for both and others only one.

Some municipalities have fully funded pensions. For 2024, 64 municipalities reported no outstanding police or fire pension debt and did not appear in these rankings.

Pension obligations for police and fire employees, sometimes called “pension benefits,” are a form of deferred compensation. Local officials pledge these retirement benefits to public safety workers, but inadequate contributions from either employees or taxpayers can lead to funding deficits. This shortfall accumulates municipal pension debt, shifting the cost to future residents. To keep the systems solvent, municipalities make yearly contributions that largely come from property taxes, details of which are captured in IDOI reports.

Statewide, Illinois police and fire pensions had an average funding ratio of 65.1% in 2024, underlining ongoing funding challenges.

The Glencoe Firefighters Pension Fund recorded the state’s lowest funding ratio at 0.9%.

By contrast, the Savoy Firefighters Pension Fund was the most overfunded, posting a 797.7% ratio and maintaining $149,803 in actuarial funding, which far exceeded its liabilities.

Illinois’ total pension debt grew by $1.5 billion in 2024, reaching $143.7 billion, according to the Commission on Government Forecasting and Accountability. The increase marks the third straight yearly rise, remaining just below the 20-year peak of $144.2 billion, recorded in 2020.

Another report from the Department of Insurance Public Pension Division found Illinois’ suburban and downstate pension systems had $12.1 billion in unfunded actuarial liabilities in 2024, with a combined funding ratio of 49.18%. Thus, these systems held less than half the assets necessary to pay promised retirement benefits.

In 2024, Illinois had the largest percentage of its GDP committed to unfunded pension liabilities, nearing 20%, cited a study by the Equable Institute. 

The Illinois Policy Institute, which describes itself as a nonpartisan think tank, says this places a rising tax burden on residents. The organization reported taxpayer payments to state pension funds increasing from $614 million in fiscal year 1996 to $11.2 billion in fiscal year 2025.

The information in this report comes from the Illinois Department of Insurance (IDOI). Original source data can be accessed here.