Analysis: Elmhurst Firefighters Pension Fund would go bankrupt in eight years without taxpayer subsidy
Without members and taxpayers subsidizing its revenue, the Elmhurst Firefighters Pension Fund would have lost $5,109,063 in 2018, according to a DuPage Policy Journal analysis of the latest data reported to the Illinois Department of Insurance Pension Division.
The fund has $40,618,994 in total assets. If the fund’s annual losses stay the same, it would run out of money in eight years without these subsidies.
The fund lost $2,022,459 in investment income and other revenue in 2018. At the same time, it paid out $3,086,604 in expenses, according to the 2019 biennial report detailing the health of each of the state’s pension funds and retirement systems. The difference between the two shows the fund’s annual loss without subsidies.
Taxpayers added $2,214,641 to the fund’s revenue last year – an amount that has increased from $1,672,883 five years ago. Members contributed an additional $408,275 – $29,189 more than five years ago.
In all, subsidies amounted to $2,622,916 in 2018.
| Year | Total non-subsidy revenue | Total expenses | Outcome without subsidies |
|---|---|---|---|
| 2018 | -$2,022,459 | $3,086,604 | -$5,109,063 |
| 2017 | $5,069,289 | $2,860,402 | $2,208,887 |
| 2016 | $2,286,280 | $2,732,533 | -$446,253 |
| 2015 | $306,256 | $2,445,083 | -$2,138,827 |
| 2014 | $2,212,438 | $2,234,319 | -$21,881 |