Champaign Police and Firefighters Pension Funds Compare Favorably to Others

The results of actuarial valuations for all Downstate Police and Firefighters Pension Funds were released by the Public Pension Division of the Illinois Department of Insurance (DOI), who regulate the Downstate funds. While Champaign’s funds are not fully funded, their funding levels are well above the average of other Downstate pension funds as shown below.

Champaign Police and Firefighters Pension Funds Compare Favorably to Others

This data is particularly notable because the DOI recently retained a well-qualified actuarial firm to perform its valuations. The firm revised the assumptions that underlie the valuations to reflect current data on investments returns, mortality, and other factors. The DOI’s previous valuations were prepared by an in-house actuary who lacked the resources to evaluate such changes. 

The valuations prepared for the DOI are useful for comparison purposes. However, City staff and the Champaign pension boards will continue to retain independent actuarial firms to provide valuations meeting the specific requirements of the boards and City. The valuations prepared by those actuaries will produce somewhat different results from the State’s actuarial firm due to differences in funding methods and assumptions.