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South Cook News

Friday, November 22, 2024

Analysis: Robbins Firefighters Pension Fund would go broke in 10 years without taxpayer subsidy

Money836

Without members and taxpayers subsidizing its revenue, Robbins Firefighters Pension Fund lost $15,901 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 $146,931 in total assets. If the funds annual losses were the same, it would run out of money in 10 years without these subsidies.

The fund earned $18 in investment income and other revenue in 2016. At the same time, it paid out $15,919 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 $16,606 to the funds revenue last year – an amount that has increased from $6,597 five years ago. Members made no contributions this year – $64,564 less than five years ago.

In all, subsidies amounted to $16,606 in 2016.

Robbins Firefighters Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016$18$15,919-$15,901
2015$27$9,468-$9,441
2014$24$78-$54
2013$37$64-$27
2012$0$107-$107

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