Analysis: Melrose Park Firefighters Pension Fund would go broke in seven years without taxpayer subsidy
The fund has $18,942,877 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 earned $1,322,813 in investment income and other revenue in 2016. At the same time, it paid out $4,393,455 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 $3,081,599 to the funds revenue last year – an amount that has increased from $1,131,331 five years ago. Members contributed an additional $501,401 – $64,285 more than five years ago.
In all, subsidies amounted to $3,583,000 in 2016.