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West Cook News

Saturday, November 2, 2024

Analysis: Franklin Park Firefighters Pension Fund would go broke in 11 years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, Franklin Park Firefighters Pension Fund lost $2,463,996 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 $25,767,497 in total assets. If the funds annual losses were the same, it would run out of money in 11 years without these subsidies.

The fund earned $114,622 in investment income and other revenue in 2016. At the same time, it paid out $2,578,618 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 $1,814,047 to the funds revenue last year – an amount that has increased from $1,401,449 five years ago. Members contributed an additional $356,782 – $65,601 more than five years ago.

In all, subsidies amounted to $2,170,829 in 2016.

Franklin Park Firefighters Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016$114,622$2,578,618-$2,463,996
2015$1,532,902$2,460,053-$927,151
2014$2,328,179$2,325,325$2,854
2013$1,880,791$2,133,560-$252,769
2012$1,200,295$2,041,853-$841,558

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