What is the fiscal condition of the Peoria Police and Fire Pension Funds?

According to reports from the Illinois Department of Insurance, the city’s police and fire pension funds have $165 million and $149 million in unfunded pension liabilities, respectively, and just under 50 cents on hand for every $1 needed to pay for future pension benefits.  Because of the City’s fiscal condition, both funds have more retirees collecting pensions than actively paying into the system.

What Is the Scope of the Problem for Peoria Police Pension Funds

What Is the Scope of the Problem for Peoria Fire Pension Funds

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1. What is a pension?
2. Who makes Public Safety Pension Fund Decisions?
3. What is the fiscal condition of the Peoria Police and Fire Pension Funds?
4. How are public safety pensions funded in Peoria?