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Research Project

How Many Illinois Public Safety Pension Funds Risk Running Out Of Assets?, by Amanda Kass

Research Area(s)
Debt and Long-Term Obligations
Fiscal Policy and Financial Positions
Government Finance Research
Public Pensions


"How Many Illinois Public Safety Pension Systems Risk Running Out of Assets?", by Amanda Kass, focuses on the finances of Illinois’ police and firefighter pension funds. While most pension funds are underfunded, the aim was to better differentiate the funds and identify ones in the best and worst fiscal shape prior to the COVID-19 related economic downturn. Data from several sources were used to examine trends in pension funds’ funding levels and to examine liquidity risk. Findings indicate that prior to COVID-19, a small number of public safety pension funds were in danger of running out of assets. While the risk of asset depletion is not widespread, this is nonetheless an important policy issue as a pension fund running out of assets risks benefit payments being halted. Publisher: Illinois Municipal League Publish Date: February 2021 Click here to read the full report