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Tuesday, February 25, 2020

Analysis: Carol Stream FPD Firefighters Pension Fund would go broke in 14 years without taxpayer subsidy

Local Government

By Local Labs News Service | May 6, 2018

Money 01

Without members and taxpayers subsidizing its revenue, Carol Stream FPD Firefighters Pension Fund lost $2,559,792 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 $34,668,933 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 lost $835,568 in investment income and other revenue in 2016. At the same time, it paid out $1,724,224 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 $1,172,985 to the funds revenue last year – an amount that has increased from $1,167,085 five years ago. Members contributed an additional $454,480 – $37,967 more than five years ago.

In all, subsidies amounted to $1,627,465 in 2016.

Carol Stream FPD Firefighters Pension Fund non-subsidy revenue over five years
Year
Total non-subsidy revenue
Total expenses
Outcome without subsidies
2016
-$835,568
$1,724,224
-$2,559,792
2015
$1,383,808
$1,553,330
-$169,522
2014
$3,271,390
$1,334,823
$1,936,567
2013
$4,030,860
$1,210,082
$2,820,778
2012
-$362,552
$983,264
-$1,345,816

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Organizations in this Story

Carol Stream Fire Protection District Firefighters Pension Fund

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