Downers Grove police retirees have collected an estimated $57.7 million in pension benefits after contributing $10.2 million during their careers, according to a DuPage Policy Journal analysis published Oct. 26.

The analysis, based on the fund's annual statement to the Illinois Department of Insurance for the fiscal year ended Dec. 31, 2025, found that 68 retired officers drawing service pensions collected roughly $5.67 for every dollar they paid in. The DuPage Policy Journal's estimates assume each pension grew steadily from the original benefit to the current benefit over the retiree's years on the roll, and the publication noted that figures for officers who retired before age 55 are modestly high.

The Downers Grove Police Pension Fund sits at 55.9% funded, with $61.1 million in promised benefits not covered by assets, according to the state's most recent valuation.

The numbers arrive as the village prepares to discuss its proposed FY2027 budget. As we reported Oct. 27, the village is proposing a 3% property tax levy increase. Village budget documents show the 2026 property tax increase was driven entirely by the public safety pension levy increase.

Who collected the most

Retired Chief of Police Riccardo F. Ginex tops the list. Ginex retired in 2001 after 24 years, contributed $89,318 and has collected an estimated $2.4 million, the DuPage Policy Journal reported. His annual pension grew from $87,000 to $155,875 under the 3% compounded annual increase Illinois guarantees officers hired before 2011.

Twenty-six retirees have each collected more than $1 million.

Eleven officers hired before the municipality required contributions are recorded as having paid nothing into the fund. They have collected an estimated $14.4 million combined. Every retiree with 20 or more years on the pension roll now draws between 1.8 and 3.3 times their starting benefit, the analysis found.

The newest retiree, Deputy Chief Todd M. Rountree, began collecting Sept. 2, 2025, at $121,846 a year after contributing $270,359.

Pension costs and the property tax levy

The village funds its required police and fire pension contributions through the property tax levy. That combined obligation stood at $10.5 million, according to village long-range planning documents. The combined unfunded liability for both police and fire pensions totals $111.1 million, a separate village planning document states.

The police-only share of that combined figure is not broken out in available village documents. The DuPage Policy Journal's $61.1 million unfunded figure covers only the police fund.

Village staff and the village's financial advisor have recommended against issuing pension obligation bonds, stating the potential savings of just under $3 million do not justify the risks.

The Village Council is scheduled to hold a budget discussion and public hearing on Tuesday, Nov. 10. Residents can also attend a Coffee with the Council budget discussion on Saturday, Nov. 14, at the Civic Center. The council is scheduled to adopt the budget and tax levy on Tuesday, Dec. 1.

No response from the village or the pension fund board to the DuPage Policy Journal's analysis appears in public records as of publication.