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South Cook News

Friday, November 22, 2024

Analysis: Bridgeview Firefighters Pension Fund would go broke in 20 years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, Bridgeview Firefighters Pension Fund lost $1,141,596 in 2016, according to a South Cook News analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

The fund has $22,602,175 in total assets. If the funds annual losses were the same, it would run out of money in 20 years without these subsidies.

The fund earned $1,053,447 in investment income and other revenue in 2016. At the same time, it paid out $2,195,043 in expenses, according to the 2017 biennial report detailing the health of each of the states pension funds and retirement systems. The difference between the two shows the funds annual loss without subsidies.

Taxpayers added $1,406,913 to the funds revenue last year – an amount that has increased from $1,083,524 five years ago. Members contributed an additional $261,885 – $25,539 less than five years ago.

In all, subsidies amounted to $1,668,798 in 2016.

Bridgeview Firefighters Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016$1,053,447$2,195,043-$1,141,596
2015$319,071$2,008,513-$1,689,442
2014$1,380,607$1,897,519-$516,912
2013$1,484,289$1,805,217-$320,928
2012$1,369,455$1,741,092-$371,637

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