Manhattan FPD Firefighter’s Pension Fund ranks 607 in Illinois for underfunded pensions in 2024

The Manhattan FPD Firefighter’s Pension Fund was listed as the 607th most underfunded police and fire pension system in Illinois for 2024, based on information from the Illinois Department of Insurance (IDOI).

This fund, which is part of Illinois’ City pension system framework, reported total pension liabilities of $7,836,132 and an actuarial funding value of $8,140,396.

The resulting funding ratio was 103.9%, indicating the fund was short by -3.9% of the actuarial assets necessary to fully finance promised retirement benefits.

This gap left the system with an unfunded liability of approximately -$304,264.

The Illinois Department of Insurance compiles and releases data on municipal police and fire pensions, which are supported financially by the residents of each city or village.

As of 2024, Illinois managed 300 fire and 363 police pension funds, with some municipalities overseeing both, while others maintain only one.

There are municipalities that do not carry unfunded pension liability. In 2024, 64 municipalities reported no outstanding police or fire pension debt, so they were not included in these rankings.

Obligations for police and fire pensions, often called “pension benefits,” are considered deferred earnings. Municipal officials pledge to provide these benefits for public safety workers, but sometimes lack sufficient contributions from staff or taxpayers, resulting in growing pension debt that impacts future residents. Municipalities make annual contributions, primarily sourced from property taxes, to sustain these systems; these figures are collected by the IDOI.

On average, Illinois police and fire pension funds had a funding ratio of 65.1% in 2024, illustrating the widespread gap in funding for local public safety pensions.

The state’s most underfunded pension was the Glencoe Firefighters Pension Fund, with a 0.9% funding ratio.

Conversely, the Savoy Firefighters Pension Fund had the highest funding ratio at 797.7% and held an actuarial funding value of $149,803, greatly surpassing its anticipated obligations.

Illinois’ total pension debt grew by $1.5 billion in 2024, reaching $143.7 billion, according to the Commission on Government Forecasting and Accountability. This was the third year in a row that the pension debt increased, approaching the 20-year peak of $144.2 billion recorded in 2020.

Data from the State Department of Insurance Public Pension Division indicates Illinois’ suburban and downstate pension systems had $12.1 billion in unfunded actuarial liabilities in 2024, with a combined funding ratio of 49.18%, showing these funds held less than half the assets needed for their promised benefits.

In 2024, Illinois led the nation in the share of state GDP tied up in unfunded pension debt, nearing 20%, according to a report by the Equable Institute.

The Illinois Policy Institute, a nonpartisan research group, noted that this has increased the burden on Illinois taxpayers. According to the group, taxpayer funding for state pensions rose from $614 million in fiscal year 1996 to $11.2 billion in fiscal year 2025.

Information included in this article comes from the Illinois Department of Insurance (IDOI). Readers can find the primary data here.