Comment: Oak Park is a very interesting case. Already highly taxed, they are one of the few making an honest effort to measure their true pension liability. And, so far, they seem willing to raise taxes to try to address it. We’ll continue to watch it.

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Mike
4 years ago

Pension Plan – Discount Rate – Net Pension Liability (Unfunded Liability) – Percent Funded.
IMRF & IMRF SLEP, Oak Park allocation – 7.49% – 8,502,275 – 92%.
Oak Park Downstate Police – 6.75% – $82,300,309 – 50%.
Oak Park Downstate Fire – 6.75% – $75,026,514 – 37%.
Total – $165,829,198.
Only one employee is in IMRF SLEP.
IMRF is a multi-employer pension plan.
Downstate Police and Downstate Fire are single employer pension plans.
source: Oak Park CAFR, FY ending 12/31/2015.