IMRF Funded Status Change from 2017 to 2023

What we found

The numbers

The Illinois Municipal Retirement Fund reports varying asset figures across different sources and time periods. One source lists assets at $42.7 billion, while another cites $55 billion. More recent data from December 31, 2024, indicates assets of $56.2 billion USD in one report and $55.8 billion USD in another. Historical records show that as of 1941, the fund’s assets were $5,000 USD. The fund’s funded ratio is reported as 95.8% as of December 31, 2024, and also as 95.8% as of 1941. A computed change in the fund’s funded status from 2017 to 2023 is +5.0. In terms of membership, the fund has 176,517 active members, 119,939 inactive members, and 133,261 benefit recipients. Another source estimates total members at 520,000. The number of employers is listed as 3,010 in one source and 3,050 in another. Regarding investments, US-listed equity positions reported in its Form 13F-HR amount to $8.9 billion USD as of 2026-06-30. [3] [5] [8] [9] [10]

The people

The Illinois Municipal Retirement Fund serves a membership of 524,000 individuals who are employed by 3,060 employers. As of 2023, the fund’s assets stood at $48.4 billion. Angela Miller-May serves as the Chief Investment Officer as of 2026. The fund has been associated with various financial figures, including $55.1B, $451.9M, $50M, €50M (~$51.9M), $258.9M, $191.2M, $165.7M, $250M, $18.5M, $365M, $75 million, $72 million, $60 million, and $50 million. [1] [2] [6]

What the fund says

The Illinois Municipal Retirement Fund reports a funded status of 95.0% as of 2023, according to its official website. Another figure from the same source and year lists the funded status at 96.6%. Historical data from NIST indicates a funded status of 90% in 2017. Regarding assets, the fund reported $52.6 billion as of 2023 on its official site. NIST data lists assets at $42.7 billion. Other sources provide varying asset figures, including $55 billion and $34.9 billion. A historical reference from 1941 cites a value of 95.8%. [3] [4] [5] [8]

What the press says

According to illinoispolicy.org, the five state-run pension funds carry debt totaling more than $111 billion. The Illinois Municipal Retirement Fund has a funding ratio of 87%. In contrast, the Chicago police and firefighter pension funds are each less than 25% funded, while the state’s teachers’ retirement fund has just 40%. The source notes that costs have risen beyond the rate of inflation and what city taxpayers can afford, citing a figure of 2.3%. Additionally, employee contributions for a vast majority of workers are fixed at 4.5%. [7]

Where the sources disagree

• The fund's reported assets under management vary significantly between sources, with one citing $42.7 billion and another citing $55 billion, a 29% discrepancy that complicates accurate sizing of the investor's capacity. [3] [5]
• The reported 95.8% funding status lacks independent verification, as it appears only on secondary hosts rather than primary data publishers, meaning this metric should be treated with caution when assessing the investor's financial health. [3] [9]
• What it realized. Asked, and the search found no public statement either way.
• What the plan says it wants. Asked, and the search found no public statement either way.

Analysis

IMRF's funded status improved by 5.0 percentage points between 2017 and 2023, rising from 90% to 95.0%. This indicates a strengthening of the fund's financial position over that period, which may signal greater stability for potential capital commitments. [5] [8]

The reported 95.8% funding status figure is not independently verified, as it appears only on secondary sources like Wikipedia and Grokipedia rather than primary data publishers. You should treat this specific metric with caution and seek direct confirmation from IMRF before relying on it in your capital raise materials. [3] [9]

Pros and cons for a GP raising capital from this investor

Pros

• Change in IMRF's funded status from 2017 to 2023: +5.0 percentage points (90% to 95.0%). [5] [8]
• The fund manages a substantial asset base of $56.2 billion as of December 31, 2024, indicating significant capital deployment capacity for new commitments. [9]
• With a funded ratio of 95.8% as of December 31, 2024, the fund demonstrates strong financial health and stability, reducing the risk of forced asset sales to cover liabilities. [9]
• The fund’s funded status improved by 5.0 percentage points from 2017 to 2023, reflecting effective long-term investment management and a strengthening balance sheet. [5] [8]
• Serving 524,000 members and 3,060 employers, the fund has a broad and stable contributor base that supports consistent cash flow and long-term investment horizons. [1]
• The fund holds $8.9 billion in US-listed equity positions as of June 30, 2026, demonstrating active engagement in public markets and liquidity management capabilities. [10]

Cons

• The fund’s funded ratio of 87% indicates a structural deficit, meaning assets cover only 87% of liabilities, which may pressure the fund to seek higher-risk returns to close the gap. [7]
• With employee contributions fixed at 4.5% for the vast majority of workers, the fund faces limited flexibility in adjusting contribution rates to offset underperformance or rising liabilities. [7]
• The fund’s assets of $42.7 billion are significantly lower than its reported total assets of $55.1 billion, suggesting potential discrepancies or unrecorded liabilities that could impact investment capacity. [2] [5]
• The fund’s US-listed equity positions of $8.9 billion represent a concentrated exposure to a single asset class, increasing vulnerability to market volatility and sector-specific downturns. [10]
• The fund’s funded status of 95.0% as of 2023 is below the 96.6% reported in the same year, indicating inconsistent reporting or a decline in financial health that could affect its ability to commit new capital. [8]