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West Cook News

Friday, November 22, 2024

Analysis: Oak Park Firefighters Pension Fund would go broke in 16 years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, Oak Park Firefighters Pension Fund lost $2,810,125 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 $44,755,803 in total assets. If the funds annual losses were the same, it would run out of money in 16 years without these subsidies.

The fund earned $3,495,154 in investment income and other revenue in 2016. At the same time, it paid out $6,305,279 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 $3,779,495 to the funds revenue last year – an amount that has increased from $3,217,975 five years ago. Members contributed an additional $563,721 – $34,621 more than five years ago.

In all, subsidies amounted to $4,343,216 in 2016.

Oak Park Firefighters Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016$3,495,154$6,305,279-$2,810,125
2015$268,781$6,058,036-$5,789,255
2014$2,540,059$5,560,567-$3,020,508
2013$6,080,879$5,397,784$683,095
2012$3,995,702$5,121,813-$1,126,111

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