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The DOI biennial report shows the value of the Milan Police Pension Fund's liabilities was $14,153,634 at the end of 2018, while its value of assets was $9,758,236 – a difference of $4,395,398.
The fund's actuarial funding position has improved over the past five years. In 2018, 69 percent of the fund was funded. Five years ago, 52.4 percent was funded.
Combining the liabilities of all the funds, just 47.5 percent were funded in 2018, according to the report. Unfunded liabilities statewide totaled $187.8 billion in 2018.
Milan Police Pension Fund health over 5 years
| 2014 | 2015 | 2016 | 2017 | 2018 | Change 2014-2018 | |
|---|---|---|---|---|---|---|
| Actuarial value of assets | $5,721,527 | $5,957,699 | $6,029,623 | $6,204,300 | $9,758,236 | 70.6% |
| Actuarial value of liabilities | $10,919,854 | $11,426,369 | $12,004,008 | $13,354,349 | $14,153,634 | 29.6% |
| Actuarial funding position | -$5,198,327 | -$5,468,670 | -$5,974,385 | -$7,150,049 | -$4,395,398 | 15.4% |
| Actuarial funding percent | 52.4% | 52.1% | 50.2% | 46.5% | 69% | 16.6% |
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