Spring Grove is the latest McHenry County municipality to share its Police Pension funding information.
For the most current year, the level is 49%–about ten percent higher than that of the State of Illinois.
The fund is $1.6 million underfunded.
Municipal police pension funding is well below the radar of local citizens.
Most probably don’t even know that local property taxes pay for them.
Or the extent of underfunding.
Today, McHenry County Blog will start looking at them
Harvard will be first.
This shows Harvard Police Pension funding information for the first decade of this century.
Funding went from 76% in the first year of the new century down to 60.4% in 2010.
The unfunded liability went from $884,302 to $3.7 million.
The State of Illinois is about 45% of full funding.
Yesterday we saw that the Harvard Police Pension Fund was funded at 60% of the money necessary to pay for the retirement obligations incurred.
The fund in Lake in the Hills is in substantially better shape.
The Lake in the Hills Police Pension Fund figures from 2006-2011.
With pension funding at almost 72%, the Village of Lake in the Hills has obligations to present and future retirees of $6.4 million which is not accounted for.
Five years ago, the funding figure was almost 75% with $3.5 million not yet accounted for.
By contrast, the State of Illinois’ unfunded pension figure is 45%, the worst of any state in the United States.
Latest Posts
