Analysis: Midlothian Firefighters Pension Fund would go broke in eight years without taxpayer subsidy
The fund has $7,399,055 in total assets. If the funds annual losses were the same, it would run out of money in eight years without these subsidies.
The fund lost $26,258 in investment income and other revenue in 2016. At the same time, it paid out $966,987 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 $357,591 to the funds revenue last year – an amount that has increased from $287,133 five years ago. Members contributed an additional $107,917 – $13,948 more than five years ago.
In all, subsidies amounted to $465,508 in 2016.