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West Cook News

Sunday, December 22, 2024

Analysis: Northlake FPD Firefighters Pension Fund would go bankrupt in 12 years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, the Northlake FPD Firefighters Pension Fund would have lost $1,189,321 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 $14,149,182 in total assets. If the fund’s annual losses stay the same, it would run out of money in 12 years without these subsidies.

The fund lost $361,243 in investment income and other revenue in 2018. At the same time, it paid out $828,078 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 $701,191 to the fund’s revenue last year – an amount that has increased from $567,037 five years ago. Members contributed an additional $150,511 – $27,745 more than five years ago.

In all, subsidies amounted to $851,702 in 2018.

Northlake FPD Firefighters Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2018-$361,243$828,078-$1,189,321
2017$1,189,582$841,584$347,998
2016$937,733$832,640$105,093
2015-$2,095$913,379-$915,474
2014$670,311$742,401-$72,090

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