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Audit shows IMRF overfunded, police pension improves and OPEB liability falls
Summary
Auditors reported a net IMRF pension asset of about $1.1 million, police pension funding rose from ~67.5% to ~76%, and OPEB liability declined about 58.3% from $5.8 million to $2.4 million in the 2025 report.
Auditors highlighted several notable liability and funding changes in the 2025 report. For the Illinois Municipal Retirement Fund (IMRF), the auditor said total pension liability was about $47.8 million and plan net position about $48.9 million, producing a net pension asset of roughly $1.1 million at year end.
On the police pension, the auditor reported the plan's funded ratio rose from about 67.5% at 12/31/2024 to approximately 76% at 12/31/2025, a jump the auditor attributed to favorable investment returns and employer contributions. The auditor also called out other post-employment benefits: "That went down by about 58.3% from 5,800,000 to 2,400,000," and offered to provide the actuarial drivers on request.
