Analysis: Maywood Firefighters Pension Fund would go broke in eight years without taxpayer subsidy
The fund has $16,964,412 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 $58,601 in investment income and other revenue in 2016. At the same time, it paid out $2,265,537 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 $1,714,203 to the funds revenue last year – an amount that has increased from $713,942 five years ago. Members contributed an additional $301,818 – $26,314 more than five years ago.
In all, subsidies amounted to $2,016,021 in 2016.