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West Cook News

Saturday, November 2, 2024

Analysis: Leyden FPD Firefighters Pension Fund would go broke in eight years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, Leyden FPD Firefighters Pension Fund lost $674,972 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 $5,309,342 in total assets. If the funds annual losses were the same, it would run out of money in eight years without these subsidies.

The fund earned $246,684 in investment income and other revenue in 2016. At the same time, it paid out $921,656 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 $527,898 to the funds revenue last year – an amount that has increased from $386,692 five years ago. Members contributed an additional $99,842 – $18,205 more than five years ago.

In all, subsidies amounted to $627,740 in 2016.

Leyden FPD Firefighters Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016$246,684$921,656-$674,972
2015-$96,388$894,487-$990,875
2014$240,810$850,875-$610,065
2013$311,670$829,979-$518,309
2012$361,188$808,261-$447,073

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