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West Cook News

Friday, November 22, 2024

Analysis: Melrose Park Firefighters Pension Fund would go bankrupt in four years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, the Melrose Park Firefighters Pension Fund would have lost $5,731,605 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 $20,751,382 in total assets. If the fund’s annual losses stay the same, it would run out of money in four years without these subsidies.

The fund lost $926,830 in investment income and other revenue in 2018. At the same time, it paid out $4,804,775 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 $5,117,795 to the fund’s revenue last year – an amount that has increased from $2,310,781 five years ago. Members contributed an additional $503,646 – $26,526 more than five years ago.

In all, subsidies amounted to $5,621,441 in 2018.

Melrose Park Firefighters Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2018-$926,830$4,804,775-$5,731,605
2017$2,819,467$4,676,201-$1,856,734
2016$1,322,813$4,393,455-$3,070,642
2015$30,593$4,098,344-$4,067,751
2014$1,392,764$3,945,844-$2,553,080

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