The Illinois Municipal Retirement System reported last week that investment funds under its management have lost about $3.6 billion in value for the first three quarters of the year because of market turmoil.
The system manages the pensions of nearly 3,000 local governments. The municipal fund started out the year at full funding, which has dropped to about 80% based on market value. No actuarial analysis has been done yet.
If the fund does not recover, local governments will be required to increase their contributions. The next contribution level will be set in April.