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Analysis: Warrenville FPD Firefighters Pension Fund would go broke in 16 years without taxpayer subsidy

Local Government

By Local Labs News Service | May 16, 2018

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Without members and taxpayers subsidizing its revenue, Warrenville FPD Firefighters Pension Fund lost $241,796 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 $3,706,509 in total assets. If the funds annual losses were the same, it would run out of money in 16 years without these subsidies.

The fund earned $9,803 in investment income and other revenue in 2016. At the same time, it paid out $251,599 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 $243,416 to the funds revenue last year – an amount that has increased from $200,245 five years ago. Members contributed an additional $81,683 – $15,155 less than five years ago.

In all, subsidies amounted to $325,099 in 2016.

Warrenville FPD Firefighters Pension Fund non-subsidy revenue over five years
Year
Total non-subsidy revenue
Total expenses
Outcome without subsidies
2016
$9,803
$251,599
-$241,796
2015
$184,821
$181,687
$3,134
2014
$118,855
$152,363
-$33,508
2013
$114,933
$110,887
$4,046
2012
$173,259
$83,657
$89,602

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Warrenville Fire Department Firefighters Pension Fund

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