The state of Illinois is well-known for promising public employees generous retirement benefits, then underfunding their pension plans.
As the state struggles with how to find $80 billion it owes these defined benefit plans, many politicians, citizens and reporters question whether the state should change — or even abolish — all public pensions in Illinois. The state’s General Assembly recently adopted legislation to modify these plans, making them less secure for future generations of public servants.
One plan stands apart from the others: The Illinois Municipal Retirement Fund is independent, well funded and prudently managed. Its $25 billion in assets cover plans from nearly 3,000 employers and 176,000 workers — and provides important support to more than 97,000 retirees.
Our media relations effort on behalf of IMRF makes that clear to reporters, legislators and citizens. After years of work, the results are apparent. Media coverage more accurately reflects IMRF’s healthy condition and legislators are taking notice.
Said one key legislator recently, “I would not expect changes to IMRF. It is 85 percent funded, and funded well.”