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West Cook News

Friday, November 22, 2024

Analysis: Forest View Firefighters Pension Fund would go broke in six years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, Forest View Firefighters Pension Fund lost $363,840 in 2016, according to a West Cook News analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

The fund has $2,060,161 in total assets. If the funds annual losses were the same, it would run out of money in six years without these subsidies.

The fund earned $21,627 in investment income and other revenue in 2016. At the same time, it paid out $385,467 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 $281,211 to the funds revenue last year – an amount that has increased from $46,062 five years ago. Members contributed an additional $9,526 – $14,043 less than five years ago.

In all, subsidies amounted to $290,737 in 2016.

Forest View Firefighters Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016$21,627$385,467-$363,840
2015$50,597$372,359-$321,762
2014$124,366$352,119-$227,753
2013$115,292$316,243-$200,951
2012$83,641$277,943-$194,302

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