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South Cook News

Saturday, November 23, 2024

Analysis: Lansing Firefighters Pension Fund would go broke in 11 years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, Lansing Firefighters Pension Fund lost $1,140,084 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 $12,217,959 in total assets. If the funds annual losses were the same, it would run out of money in 11 years without these subsidies.

The fund lost $34,684 in investment income and other revenue in 2016. At the same time, it paid out $1,105,400 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 $1,012,630 to the funds revenue last year – an amount that has increased from $859,290 five years ago. Members contributed an additional $218,944 – $15,122 more than five years ago.

In all, subsidies amounted to $1,231,574 in 2016.

Lansing Firefighters Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016-$34,684$1,105,400-$1,140,084
2015$473,844$1,024,619-$550,775
2014$416,706$931,309-$514,603
2013$554,497$925,611-$371,114
2012$259,754$864,384-$604,630

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