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Dupage Policy Journal

Friday, November 22, 2024

Analysis: Wood Dale FPD Firefighters Pension Fund would go broke in seven years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, Wood Dale FPD Firefighters Pension Fund lost $1,876,005 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 $12,476,394 in total assets. If the funds annual losses were the same, it would run out of money in seven years without these subsidies.

The fund lost $244,242 in investment income and other revenue in 2016. At the same time, it paid out $1,631,763 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 $1,254,316 to the funds revenue last year – an amount that has increased from $907,896 five years ago. Members contributed an additional $243,897 – $45,960 more than five years ago.

In all, subsidies amounted to $1,498,213 in 2016.

Wood Dale FPD Firefighters Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016-$244,242$1,631,763-$1,876,005
2015$278,654$1,654,031-$1,375,377
2014$885,465$1,376,290-$490,825
2013$1,103,289$1,186,979-$83,690
2012-$146,728$1,154,005-$1,300,733

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