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West Cook News

Friday, November 22, 2024

Analysis: Westchester Firefighters Pension Fund would go broke in 13 years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, Westchester Firefighters Pension Fund lost $1,717,957 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 $20,830,510 in total assets. If the funds annual losses were the same, it would run out of money in 13 years without these subsidies.

The fund lost $260,955 in investment income and other revenue in 2016. At the same time, it paid out $1,457,002 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 $1,027,335 to the funds revenue last year – an amount that has increased from $784,477 five years ago. Members contributed an additional $217,769 – $17,843 more than five years ago.

In all, subsidies amounted to $1,245,104 in 2016.

Westchester Firefighters Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016-$260,955$1,457,002-$1,717,957
2015$1,336,307$1,319,414$16,893
2014$1,520,095$1,262,154$257,941
2013$1,644,668$1,220,191$424,477
2012-$1,196$1,079,567-$1,080,763

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