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South Cook News

Friday, November 22, 2024

Analysis: Sauk Village Firefighters Pension Fund would go broke in three years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, Sauk Village Firefighters Pension Fund lost $39,706 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 $92,180 in total assets. If the funds annual losses were the same, it would run out of money in three years without these subsidies.

The fund earned $8,297 in investment income and other revenue in 2016. At the same time, it paid out $48,003 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 $10,875 to the funds revenue last year – an amount that has increased from $666 five years ago. Members made no contributions this year – $5,884 less than five years ago.

In all, subsidies amounted to $10,875 in 2016.

Sauk Village Firefighters Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016$8,297$48,003-$39,706
2015$3,357$63,441-$60,084
2014$3,439$6,579-$3,140
2013$4,403$11,459-$7,056
2012$3,991$1,232$2,759

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