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Dupage Policy Journal

Sunday, December 22, 2024

Analysis: West Chicago FPD Firefighters Pension Fund would go broke in 17 years without taxpayer subsidy

Money836

Without members and taxpayers subsidizing its revenue, West Chicago FPD Firefighters Pension Fund lost $1,770,948 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 $29,279,325 in total assets. If the funds annual losses were the same, it would run out of money in 17 years without these subsidies.

The fund lost $383,871 in investment income and other revenue in 2016. At the same time, it paid out $1,387,077 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 $628,104 to the funds revenue last year – an amount that has increased from $594,229 five years ago. Members contributed an additional $360,956 – $2,944 less than five years ago.

In all, subsidies amounted to $989,060 in 2016.

West Chicago FPD Firefighters Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016-$383,871$1,387,077-$1,770,948
2015$1,374,187$1,143,580$230,607
2014$2,668,310$917,809$1,750,501
2013$3,085,185$820,451$2,264,734
2012$184,396$692,611-$508,215

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