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South Cook News

Tuesday, November 5, 2024

Analysis: These 4 South Suburban pension funds sustain themselves without subsidies

Budget 11

Pension funds in Chicago Ridge, Lemont and Orland Park could sustain themselves longest without subsidies from taxpayers and members, according to an analysis of data reported to the Illinois Department of Insurance.

Pension funds record revenue from investment income and other revenue, in addition to being subsidized by municipal taxes and member contributions. Taking those subsidies out of the equation and assuming the funds annual expenses are the same, the following table shows how long it would take for a pension fund to run out of money.

Which South Suburbs pension funds are self-sustaining?

FundCityTotal Non-Subsidy RevenueTotal ExpensesTotal Annual Loss without SubsidyYears Until Assets Spent
Chicago Ridge Firefighters Pension FundChicago Ridge$832,350$773,775$58,575191.25

Lemont FPD Firefighters Pension FundLemont$1,431,989$673,606$758,38333.91

Orland Park Police Pension FundOrland Park$5,984,776

$3,401,851$2,582,92530.49

Orland FPD Firefighters Pension FundOrland Park$10,399,975$4,097,492$6,302,48322.50

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