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West Cook News

Friday, November 22, 2024

Analysis: Lyons Firefighters Pension Fund would go broke in one year without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, Lyons Firefighters Pension Fund lost $58,728 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 in total assets. If the funds annual losses were the same, it would run out of money in one year without these subsidies.

The fund earned $52 in investment income and other revenue in 2016. At the same time, it paid out $58,780 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 $58,501 to the funds revenue last year – an amount that has increased from $47,424 five years ago. Members made no contributions this year.

In all, subsidies amounted to $58,501 in 2016.

Lyons Firefighters Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016$52$58,780-$58,728
2015$7$56,662-$56,655
2014$2$55,009-$55,007
2013$2$53,381-$53,379
2012$8$51,725-$51,717

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