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South Cook News

Friday, November 22, 2024

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

Money 01

Without members and taxpayers subsidizing its revenue, Homewood Firefighters Pension Fund lost $623,448 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 $12,017,151 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 $60,065 in investment income and other revenue in 2016. At the same time, it paid out $683,513 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 $468,660 to the funds revenue last year – an amount that has decreased from $471,669 five years ago. Members contributed an additional $158,302 – $28,630 more than five years ago.

In all, subsidies amounted to $626,962 in 2016.

Homewood Firefighters Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016$60,065$683,513-$623,448
2015$953,095$658,308$294,787
2014$842,751$575,748$267,003
2013$719,824$554,930$164,894
2012$296,891$516,819-$219,928

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