Elmhurst Projects Police, Fire Pensions Fully Funded in 10 Years as Contributions Fall to $6 Million
Updated
Updated · Patch · Aug 7
Elmhurst Projects Police, Fire Pensions Fully Funded in 10 Years as Contributions Fall to $6 Million
1 articles · Updated · Patch · Aug 7
Summary
Elmhurst’s police and fire pension funds are projected to reach full funding within a decade, a stronger outlook than many Illinois towns facing persistent shortfalls.
Both funds are already above 70% funded, while nearby Hinsdale and La Grange sit closer to 50% to 60%, according to the actuary’s report.
Annual contributions are expected to drop from about $9 million now to $6 million in 10 years, then to $4.6 million by 2041—roughly half today’s level.
The actuary still recommends multimillion-dollar payments after full funding to build a cushion against market volatility, assumption changes and other adverse events.
That pension bright spot contrasts with Elmhurst’s broader budget strain: the city raised taxes and cut spending last year, and officials warn more cuts are likely.