Lake County Gazette

Lake County Gazette

Thursday, December 5, 2019

Report: 56.7% of Mundelein Police Pension Fund is funded

Local Government

By Local Labs News Service | May 1, 2018

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With the amount it's obligated to pay pensioners outpacing the funds it has on hand, 56.7 percent of the Mundelein Police 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 Mundelein Police Pension Fund's liabilities was $44,826,509 at the end of 2016, while its value of assets was $25,425,855 a difference of $19,400,654.

The fund's actuarial funding position has gotten worse over the past five years. In 2016, 56.7 percent of the fund was funded. Five years ago, 62.2 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.

Mundelein Police Pension Fund health over 5 years
2012
2013
2014
2015
2016
Change 2012-2016
Actuarial value of assets
$21,400,346
$22,591,438
$23,564,458
$24,574,082
$25,425,855
18.8%
Actuarial value of liabilities
$34,380,278
$36,571,614
$40,040,893
$42,936,941
$44,826,509
30.4%
Actuarial funding position
-$12,979,932
-$13,980,176
-$16,476,435
-$18,362,859
-$19,400,654
-49.5%
Actuarial funding percent
62.2%
61.8%
58.9%
57.2%
56.7%
-5.5%

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Organizations in this Story

Mundelein Police Pension Fund

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