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Dupage Policy Journal

Friday, April 26, 2024

Analysis: Bensenville Firefighters Pension Fund would go broke in 14 years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, Bensenville Firefighters Pension Fund lost $799,601 in 2016, according to a DuPage Policy Journal analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

The fund has $10,440,749 in total assets. If the funds annual losses were the same, it would run out of money in 14 years without these subsidies.

The fund earned $669,744 in investment income and other revenue in 2016. At the same time, it paid out $1,469,345 in expenses, according to the 2017 biennial report detailing the health of each of the states pension funds and retirement systems. The difference between the two shows the funds annual loss without subsidies.

Taxpayers added $979,547 to the funds revenue last year – an amount that has increased from $472,123 five years ago. Members contributed an additional $205,881 – $57,303 more than five years ago.

In all, subsidies amounted to $1,185,428 in 2016.

Bensenville Firefighters Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016$669,744$1,469,345-$799,601
2015-$8,912$1,434,970-$1,443,882
2014$585,352$1,368,296-$782,944
2013$1,245,468$1,266,853-$21,385
2012$942,028$1,124,185-$182,157

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