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Thursday, April 2, 2020

Report: 39.1% of Park Employees' & Retirement Board Employees' A&b is funded

Local Government

By Local Labs News Service | Apr 20, 2018

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With the amount it's obligated to pay pensioners outpacing the funds it has on hand, 39.1 percent of the Park Employees' & Retirement Board Employees' A&b 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 Park Employees' & Retirement Board Employees' A&b's liabilities was $1,005,493,093 at the end of 2016, while its value of assets was $393,604,997, a difference of $611,888,096.

The fund's actuarial funding position has gotten worse over the past five years. In 2016, 39.1 percent of the fund was funded. Five years ago, 43.4 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.

Park Employees' & Retirement Board Employees' A&b health over 5 years

2012
2013
2014
2015
2016
Change 2012-2016
Actuarial value of assets
$421,448,001
$404,292,435
$393,762,692
$395,652,106
$393,604,997
-6.6%
Actuarial value of liabilities
$971,807,222
$888,023,364
$900,840,617
$910,260,360
$1,005,493,093
3.5%
Actuarial funding position
-$550,359,221
-$483,730,929
-$507,077,925
-$514,608,254
-$611,888,096
-11.2%
Actuarial funding percent
43.4%
45.5%
43.7%
43.5%
39.1%
-4.2%

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Park Employees' & Retirement Board Employees' A&B

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