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