Analysis: North Riverside Firefighters Pension Fund would go broke in nine years without taxpayer subsidy
The fund has $8,350,595 in total assets. If the funds annual losses were the same, it would run out of money in nine years without these subsidies.
The fund earned $87,350 in investment income and other revenue in 2016. At the same time, it paid out $1,017,350 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 $879,775 to the funds revenue last year – an amount that has increased from $100,000 five years ago. Members contributed an additional $121,473 – $16,368 less than five years ago.
In all, subsidies amounted to $1,001,248 in 2016.