Quantcast

West Cook News

Friday, November 22, 2024

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

Adobestock 211865737

Adobe Stock

Adobe Stock

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

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS