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  4. /Galesburg
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Showing latest fiscal year with year-over-year changes. Full pension history available with a paid plan. View plans →

Pension Funds — FY 2024i

Source

Combined Funded Ratioi

54.6%

Total Unfundedi

$32.0M

Annual Employer Costi

$7.0M

95 active / 102 retired across all fundsi

Funded Ratio Trendi

Employer Contributions Over Timei

IMRF — General Employeesi

IMRF covers non-public-safety employees (2026 rates). System-wide funded ratio: 95.8%(Well-Funded)

Employer Ratei

11.18%

Covered Payrolli

$5.0M

Employer Rate Breakdowni

Retirement Normal Costi4.9%
Funding Adjustmenti5.5%
Death Benefiti0.1%
Disabilityi0.0%
Supplemental Benefiti0.6%
Total Employer Ratei11.2%
Member (Employee) Ratei4.5%

Amortization period: 17 years remainingi

Police Pension

GALESBURG POLICE PENSION FUND

Funded Ratioi

54.6%

Financial Position

Assets (Market)i$39.5M
Accrued Liabilityi$70.6M
Unfunded Liabilityi$32.0M

Annual Cash Flow

Employer Contributioni$3.6M
Employee Contributioni$422K
Investment Incomei$4.9M
Benefits Paidi$3.8M

Contribution Adequacy

Required: $2.8MActual: $3.6M+$757K

Investments

1-Year Returni+13.1%

Membershipi

53 active50 retired

Fire Pension

GALESBURG FIRE FIGHTERS PENSION FUND

Financial Position

Assets (Market)i$33.1M
Accrued Liabilityi—

Annual Cash Flow

Employer Contributioni$3.5M
Employee Contributioni$326K
Investment Incomei$3.1M
Benefits Paidi$3.7M

Investments

1-Year Returni+10.0%

Membershipi

42 active52 retired