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Dupage Policy Journal

Sunday, December 22, 2024

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

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Without members and taxpayers subsidizing its revenue, Wheaton Firefighters Pension Fund lost $1,793,298 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 $27,180,751 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 lost $408,390 in investment income and other revenue in 2016. At the same time, it paid out $1,384,908 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 $1,010,419 to the funds revenue last year – an amount that has increased from $948,469 five years ago. Members contributed an additional $359,697 – $55,413 more than five years ago.

In all, subsidies amounted to $1,370,116 in 2016.

Wheaton Firefighters Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016-$408,390$1,384,908-$1,793,298
2015$1,510,363$1,109,399$400,964
2014$2,107,082$995,358$1,111,724
2013$2,277,424$951,361$1,326,063
2012$1,165,528$923,760$241,768

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