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West Cook News

Friday, November 22, 2024

Analysis: Hillside Firefighters Pension Fund would go broke in nine years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, Hillside Firefighters Pension Fund lost $1,174,256 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 $9,996,607 in total assets. If the funds annual losses were the same, it would run out of money in nine years without these subsidies.

The fund lost $129,838 in investment income and other revenue in 2016. At the same time, it paid out $1,044,418 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 $830,329 to the funds revenue last year – an amount that has decreased from $1,006,335 five years ago. Members contributed an additional $203,576 – $26,653 more than five years ago.

In all, subsidies amounted to $1,033,905 in 2016.

Hillside Firefighters Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016-$129,838$1,044,418-$1,174,256
2015$230,636$933,075-$702,439
2014$100,363$894,428-$794,065
2013$94,612$798,263-$703,651
2012$195,703$841,481-$645,778

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