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West Cook News

Friday, November 22, 2024

Analysis: North Riverside Firefighters Pension Fund would go broke in nine years without taxpayer subsidy

Money 06

Without members and taxpayers subsidizing its revenue, North Riverside Firefighters Pension Fund lost $930,000 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 $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.

North Riverside Firefighters Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016$87,350$1,017,350-$930,000
2015$530,846$976,696-$445,850
2014$337,576$909,053-$571,477
2013$336,682$797,262-$460,580
2012-$107,864$765,996-$873,860

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