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Adobe Stock
The DOI biennial report shows the value of the Galesburg Fire Fighters Pension Fund's liabilities was $55,737,779 at the end of 2018, while its value of assets was $23,876,972 – a difference of $31,860,807.
The fund's actuarial funding position has gotten worse over the past five years. In 2018, 42.8 percent of the fund was funded. Five years ago, 47.1 percent was funded.
Combining the liabilities of all the funds, just 47.5 percent were funded in 2018, according to the report. Unfunded liabilities statewide totaled $187.8 billion in 2018.
Galesburg Fire Fighters Pension Fund health over 5 years
| 2014 | 2015 | 2016 | 2017 | 2018 | Change 2014-2018 | |
|---|---|---|---|---|---|---|
| Actuarial value of assets | $21,684,863 | $22,237,687 | $22,703,032 | $23,444,797 | $23,876,972 | 10.1% |
| Actuarial value of liabilities | $46,002,277 | $47,483,151 | $47,704,275 | $51,001,748 | $55,737,779 | 21.2% |
| Actuarial funding position | -$24,317,414 | -$25,245,464 | -$25,001,243 | -$27,556,951 | -$31,860,807 | -31% |
| Actuarial funding percent | 47.1% | 46.8% | 47.6% | 46% | 42.8% | -4.3% |
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