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Saturday, November 23, 2024

Analysis: Flossmoor Firefighters Pension Fund would go broke in nine years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, Flossmoor Firefighters Pension Fund lost $242,800 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 $2,166,565 in total assets. If the funds annual losses were the same, it would run out of money in nine years without these subsidies.

The fund lost $1,739 in investment income and other revenue in 2016. At the same time, it paid out $241,061 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 $251,619 to the funds revenue last year – an amount that has increased from $128,606 five years ago. Members contributed an additional $36,207 – $11,549 more than five years ago.

In all, subsidies amounted to $287,826 in 2016.

Flossmoor Firefighters Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016-$1,739$241,061-$242,800
2015$72,620$232,918-$160,298
2014$87,134$226,896-$139,762
2013$85,765$221,705-$135,940
2012$3,552$215,148-$211,596

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