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Commissioner warns Forest Park faces $70M–$90M in combined police and fire pension shortfall, urges public to attend budget meeting
Summary
Commissioner Maxim told the council Forest Park’s combined police and fire pension unfunded liability is about $74–$87 million depending on accounting method and urged residents to attend the May 18 budget meeting to help address the problem.
Commissioner Maxim used the Council’s April 27 meeting to call attention to the village’s large combined unfunded pension liability for police and fire retirement plans.
Citing the village’s audited financial report, Maxim said the combined unfunded pension liability is “just over $87 million,” while actuary-based methods produce a lower but still substantial figure (approximately $74 million). He said Forest Park has not met the actuarily determined annual contribution and that, under Illinois law, the village must make payments targeted to reach 90% funding by 2040.
"These underfunded pension obligations are really, really big," Maxim said, arguing that council decisions — including incentives and budget choices — should be evaluated in the context of this long‑term liability. He urged the public to attend the village’s budget meeting on May 18 to participate in discussions about revenue and pension solutions.
Why it matters: The magnitude of the pension shortfall has direct implications for future property-tax levies, budgeting choices, and the village’s credit rating. Maxim said prior councils did not adopt comprehensive plans to reduce this liability and called for a coordinated approach.
Outcome and follow-up: Maxim announced staff and the public should bring ideas to the May 18 budget meeting. Commissioners acknowledged the seriousness of the figures and said pension funding will be a factor in upcoming budget deliberations.
Ending: The May 18 budget meeting was advertised as the first opportunity for public comment on priorities tied to pension funding and other fiscal decisions.
