Pension Funding for McHenry County Townships

Looking at the financial shape of townships in McHenry County, a Friend of McHenry County Blog found the following Illinois Municipal Retirement Fund information filed with the State Comptroller

  • for 2017 (for Algonquin, Chemung, Dorr, Grafton, McHenry, Nunda, Riley and Richmond Townships) and
  • for 2016 (for Greenwood, Marengo and Seneca Townships).

Compare them with McHenry County’s IMRF funding level of 88.5% and 80.5% for law enforcement officials.

According to the 2016 report filed by McHenry County, about $51 million would be required to bring its IMRF funding level to 100%:

  • $26,108,962 for regular IMRF
  • $24,944,180 for the law enforcement portion

A map of McHenry County showing its seventeen townships, plus municipalities. It is dated 2013.

Funding above 100%:

  • Richmond Township – 115%, amounting to $111,713 surplus
  • McHenry Township – 113.6%, $871,591 too much
  • Algonquin Township – 111.2%, $993,293 ahead of the game
  • Seneca Township – 110.9% for a surplus of $57,212
  • Dorr Township – 106.5% more than needed for a surplus of $175,541
  • Nunda Township – 103.7% showing $225,669 too much
  • Grafton Township – 102.3%, $50,597 more than necessary

Only four townships reporting to the State Comptroller had a negative funding balance:

  • Riley Township – 44.1%, $165,468 behind the curve
  • Greenwood Township – $85.8%, $287,286 short
  • Marengo Township – 88.5%, owing $138,871 to reach full funding
  • Chemung Township – $93.8%, $4,817 to achieve 100% funding

The remaining townships–Alden, Burton, Coral, Dunham, Hartland and Hebron–have no pensions.


Comments

Pension Funding for McHenry County Townships — 3 Comments

  1. But it’s all for a good cause.

    55 year old selfless public servants, need saunas and hot tubs, in those Scottsdale retirement homes too.

  2. Good one!!

    Evidently the well to do law firm partner, former 18 year state rep, banking mogul & Chairman of the County Board needs the early pension too.

  3. Adams, the Mchenry Township ‘Supe’ laughs about it!

    He says he’d be making $250K in the public sector.

    Dreamland!

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