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West Cook News

Friday, November 22, 2024

Analysis: Lagrange Firefighters Pension Fund would go broke in seven years without taxpayer subsidy

Money 03

Without members and taxpayers subsidizing its revenue, Lagrange Firefighters Pension Fund lost $1,505,958 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 $10,066,195 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 $118,302 in investment income and other revenue in 2016. At the same time, it paid out $1,387,656 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 $1,097,454 to the funds revenue last year – an amount that has increased from $773,196 five years ago. Members contributed an additional $160,338 – $21,561 more than five years ago.

In all, subsidies amounted to $1,257,792 in 2016.

Lagrange Firefighters Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016-$118,302$1,387,656-$1,505,958
2015$671,986$1,341,392-$669,406
2014$875,559$1,227,611-$352,052
2013$678,069$1,218,785-$540,716
2012$73,264$1,176,969-$1,103,705

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