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West Cook News

Saturday, November 2, 2024

Analysis: Western Springs Firefighters Pension Fund would go bankrupt in 15 years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, the Western Springs Firefighters Pension Fund would have lost $18,765 in 2018, according to a West Cook News analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

The fund has $270,796 in total assets. If the fund’s annual losses stay the same, it would run out of money in 15 years without these subsidies.

The fund earned $3,921 in investment income and other revenue in 2018. At the same time, it paid out $22,686 in expenses, according to the 2019 biennial report detailing the health of each of the state’s pension funds and retirement systems. The difference between the two shows the fund’s annual loss without subsidies.

Taxpayers added $7,574 to the fund’s revenue last year – an amount that has increased from $5,644 five years ago. Members made no contributions this year.

In all, subsidies amounted to $7,574 in 2018.

Western Springs Firefighters Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2018$3,921$22,686-$18,765
2017$2,604$21,205-$18,601
2016$976$21,321-$20,345
2015$1,432$21,370-$19,938
2014$1,821$21,963-$20,142

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