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West Cook News

Friday, November 22, 2024

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

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Without members and taxpayers subsidizing its revenue, Melrose Park Firefighters Pension Fund lost $3,070,642 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 $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.

Melrose Park Firefighters Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016$1,322,813$4,393,455-$3,070,642
2015$30,593$4,098,344-$4,067,751
2014$1,392,764$3,945,844-$2,553,080
2013$2,298,434$3,894,984-$1,596,550
2012$1,439,115$3,700,299-$2,261,184

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